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:

	Purchases
Date of Purchase	Units		Unit Cost*			Total Cost
Jan. 10	6,000		$	9			$	54,000
Jan. 18	9,000			10				90,000
Totals	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.

Required: 1. Calculate January's ending inventory and cost of goods sold for the month using FIFO, periodic system. Ending Inventory - Periodic FIFO 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 unit Goods Sold Sale 9,000 $ 8.00 $ 72,000 $ 8.00 # of units in ending inventory Cost per unit sold Ending Inventory $ $ 8.00 Beginning Inventory Purchases: January 10 January 18 Total $ 6,000 $ 9.00 9,000 $10.00 24,000 54,000 90,000 216,000 66 9.00 10.00 9.00 10.00 $ $