Ferris Company began January with 8,000 units of its principal product. The cost of each unit is $7. Merchandise transactions for the month of January are as follows:

Date of Purchase	Units	Unit Cost	Total Cost
Jan 10	6,000	$8	$48,000
Jan 18	8,000	$9	$72,000
Totals	14,000		$20000

** Includes purchase price and cost of freight.

Date of Sale	Units
Jan 5	4,000
Jan 12	2,000
Jan 20	5,000
Total	11,000

11,000 units were on hand at the end of the month

Calculate January's ending inventory and cost of goods sold for the month using FIFO, perpetual system.

Perpetual FIFO	# of Units	Unit Cost	Cost of Goods Available for Sale	# of Units sold	Cost per unit	Cost of Goods sold	# of units sold	Cost per unit	Costs of goods sold	# of units sold	Cost per unit	Costs of Goods Sold	# of units in ending inventory	Cost per unit	Ending inventory
Beg Inventory	8,000	$7.00	$56,000		$7			$7			$7			$7
Jan 10	6,000	$8	$48,000		$8			$8			$8			$8
Jan 18	8,000	$9	$72,000		$9			$9			$9			$9
Total	22,000		$176,000