Ferris Company began January with 9,000 units of its principal product. The cost of each unit is $8. Merchandise transactions for the month of January are as follows: Date of Purchase Units Purchases Unit Cost* Total Cost Jan. 10 6,000 $ 9 Jan. 18 Totals 9,000 10 $ 54,000 90,000 15,000 144,000 * Includes purchase price and cost of freight. Sales Date of Sale Units Jan. 5 5,000 Jan. 12 3,000 Jan. 20 6,000 Total 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. Ending Inventory - Periodic FIFO Cost of Goods Available for Sale Cost of Goods Sold - Periodic FIFO FIFO # of units Cost per unit Cost of Goods Available for # of units sold Cost per unit Cost of Goods Sold Sale # of units in ending inventory Cost per unit Ending Inventory Beginning Inventory 9,000 $ 8.00 $ 72,000 $ 8.00 $ 0 $ 8.00 $ 0 Purchases: January 10 6,000 $ 9.00 54,000 $ 9.00 0 $ 9.00 0 January 18 9,000 $ 10.00 90,000 $ 10.00 0 $ 10.00 0 Total 24,000 $ 216,000 0 0 0 $ 0