Ferris Company began January with 8,000 units of its principal product. The cost of each unit is $9. Merchandise transactions for the month of January are as follows:

	Purchases
Date of Purchase	Units		Unit Cost*	Total Cost
Jan. 10	5,000		$	10			$	50,000
Jan. 18	8,000			11				88,000
Totals	13,000							138,000

* Includes purchase price and cost of freight.

Sales
Date of Sale	Units
Jan. 5	3,000
Jan. 12	3,000
Jan. 20	4,000
Total	10,000

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.

\begin{tabular}{|c|c|c|c|c|c|c|c|c|c|c|c|c|} \hline \multirow[b]{2}{*}{FIFO} & \multicolumn{4}{|c|}{ Cost of Goods Available for Sale } & \multicolumn{4}{|c|}{ Cost of Goods Sold - Periodic FIFO } & \multicolumn{4}{|c|}{ Ending Inventory - Periodic FIFO } \\ \hline & \multirow{2}{*}{\begin{tabular}{r} \# of units \\ 8,000 \end{tabular}} & \multirow{2}{*}{\begin{tabular}{|c|} \begin{tabular}{c} Cost per \\ unit \end{tabular} \\ $9.00 \\ \end{tabular}} & \multicolumn{2}{|c|}{\begin{tabular}{|c|} Cost of \\ Goods \\ Available for \\ Sale \end{tabular}} & \multirow[t]{2}{*}{\begin{tabular}{l} \# of units \\ sold \end{tabular}} & \multicolumn{2}{|c|}{\begin{tabular}{c} Cost per \\ unit \end{tabular}} & \multirow[t]{2}{*}{\begin{tabular}{c} Cost of \\ Goods Sold \end{tabular}} & \multirow[t]{2}{*}{\begin{tabular}{l} \# of units \\ in ending \\ inventory \end{tabular}} & \multicolumn{2}{|c|}{\begin{tabular}{c} Cost per \\ unit \end{tabular}} & \multirow[t]{2}{*}{\begin{tabular}{c} Ending \\ Inventory \end{tabular}} \\ \hline Beginning Inventory & & & $ & 72,000 & & $ & 9.00 & & & $ & 9.00 & \\ \hline \multicolumn{13}{|l|}{ urchases: } \\ \hline January 10 & 5,000 & $10.00 & & 50,000 & & $ & 10.00 & & & $ & 10.00 & \\ \hline January 18 & 8,000 & $11.00 & & 88,000 & & $ & 11.00 & & & $ & 11.00 & \\ \hline Total & 21,000 & & $ & 210,000 & & & & & & & & \\ \hline \end{tabular}