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Required information [The following information applies to the questions displayed below.] Ferris Company began January with 4.000 units of its principal product. The cost of each unit is $7. Merchandise transactions for the month of January are as follows: Purchases Unit Cost Units 3,600 Date of Purchase Jan. 10 Jan. 18 Totals 4.ee 9 Total Cost $24.ee 36,eee 68,eee 7.ee Includes purchase price and cost of freight Sales Date of Sale Jan. 5 Jan. 12 Jan. 20 Total Units 2,600 1,000 3.ee 6.ee 5.000 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. Cost of Goods Sold - Periodic FIFO FIFO Cost of Goods Available for Sale Cost of Cost per Goods # of units unit Available for Sale 4,000 $ 7.00 $ 28,000 # of units sold Cost per Ending Inventory - Periodic FIFO # of units Cost per Ending in ending unit Inventory inventory $ 7.00 Cost of Goods Sold unit $ 7.00 Beginning Inventory Purchases: January 10 January 18 Tota $ S 3,000 $ 8.00 4,000 $ 9.00 11,000 24,000 38,000 88,000 8.00 9.00 8.00 9.00 $ $