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. Purchases Unit Cost. $ 8 Date of Purchase Jan. 10 Jan. 18 Totals Unita 6,000 8.000 14,000 Total Cost $ 48,000 72,000 120,000 Includes purchase price and cost of freight Sales Date of Sale Jan. 5 Jan. 12 Jan. 20 Total Units 4.000 2,000 5.000 11,000 11,000 units were on hand at the end of the month. Required: 1. Calculate January's ending inventory and cost of goods sold for the month using FIFO, periodic system Coat of Goods Sold . Periodie FIFO Ending Inventory - Periodic FIFO FIFO Cost of Goods Available for Sale Cost of Goods Cost per # of units unit Available for Sale 8,000 $ 7.00 $ 56,000 # of units sold Cost per unit Cost of Goods Sold # of units in ending Inventory Cost per unit Ending Inventory $ 7.00 $ 0 $ 7.00 $ 0 $ 0 Beginning Inventory Purchases: January 10 January 18 Total $ $ 5.00 9.00 48.000 72.000 176.000 6,000 58.00 8.000 $ 9.00 22.000 8.00 9.00 $ ololo 0 0 $ 0 0 $ $ 0