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

	Purchases
Date of Purchase	Units		Unit Cost*			Total Cost
Jan. 10	6,000		$	9			$	54,000
Jan. 18	8,000			10				80,000
Totals	14,000							134,000

* Includes purchase price and cost of freight.

Sales
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.

Required: 1. Calculate January's ending inventory and cost of goods sold for the month using FIFO, periodic system.

FIFO	Cost of Goods Available for Sale			Cost of Goods Sold - FIFO			Ending Inventory - Periodic FIFO
	# of Units	Cost per unit	Cost of Goods Available for Sale	# of units sold	Cost per unit	Cost of Goods Sold	# of units in ending inventory	Cost per unit	Ending Inventory
Beginning Inventory
Purchases
Jan. 10
Jan. 18
Total