Ferris Company began January with 9,000 units of its principal product. The cost of each unit is $4. Merchandise transactions for the month of January are as follows: Date of Purchase Jan. 10 Jan. 18 Totals Units 6,000 9,000 15,000 Purchases Unit Cost* $ 5 6 Total Cost $30,000 54,000 84,000 * Includes purchase price and cost of freight. Sales Date of Sale Jan. 5 Jan. 12 Jan. 20 Total Units 5,000 3,000 6,000 14,000 10,000 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 - Periodic FIFO Cost of Cost per Goods # of units Cost per Cost of # of units unit Available for sold unit Goods Sold Sale 9,000 $ 4.00 $ 36,000 $ 4.00 $ Ending Inventory - Periodic FIFO # of units Cost per Ending in ending unit Inventory inventory $ 4.00 $ 0 $ 0 Beginning Inventory Purchases: January 10 January 18 $ 5.00 0 5.00 0 6,000 $ 5.00 9,000 $ 6.00 30,000 54,000 120,000 $ $ $ 6.00 0 6.00 0 Total 24,000 $ 0 $ 0 0 $ 0