Ferris Company began January with 9,000 units of its principal product. The cost of each unit is $5. 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* $ 6 7 Total Cost $36,000 63,000 99,000 * 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. 3. Calculate January's ending inventory and cost of goods sold for the month using FIFO, perpetual system. Cost of Goods Sold - January 12 Cost of Goods Sold - January 20 Perpetual FIFO: Cost of Goods Available for Sale Cost of Goods Sold - January 5 Cost of # of # of Unit Goods units Cost of units Cost Available for unit sold Goods Sold Sale 9,000 $ 5.00 $ 45,000 $ 5.00 $ 0 0 Cost per # of # of units Cost per sold Cost of # of units Cost per Goods Sold sold unit Cost of Goods Sold in en unit invel $ 5.00 $ 0 $ 5.00 $ 0 Beg. Inventory Purchases: January 10 January 18 Total 6.00 6.00 0 0 6.00 0 6,000 9,000 36,000 63,000 144,000 6.00 7.00 7.00 7.00 0 0 7.00 0 24,000 $ 0 $ 0 0 $ 0 0 0 Cost of Goods Sold - January 20 Inventory Balance # of units Cost per sold unit Cost of Goods Sold # of units in ending inventory Cost per unit Ending Inventory $ 5.00 $ 0 $ 5.00 $ 0 6.00 0 0 6.00 7.00 7.00 0 9,000 9,000 63,000 63,000 0 $ 0 $