O Required Information [The following information applies to the questions displayed below.] Ferris Company began January with 7.000 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 Jan. 10 Jan. 18 Totals Units 4,699 7,800 11,000 Purchases Unit Cost $ 9 10 Total Cost $ 36,000 70,000 106,000 * Includes purchase price and cost of freight. Sales Date of Sale Jan. 5 Jan. 12 Jan. 2e Total Units 3,990 1,080 4,990 8,990 10,000 units were on hand at the end of the month. 2. Calculate January's ending inventory and cost of goods sold for the month using LIFO. periodic system. Cost of Goods Sold - Periodic LIFO Ending Inventory - Periodic LIFO LIFO Cost of Goods Available for Sale Cost of Cost Goods # of units per unit Available for Sale 7,000 $ 8.00 $ 56,000 # of units sold Cost per unit Cost of Goods Sold # of units in ending inventory Cost per unit Ending Inventory s 8.00 S 8.00 Beginning Inventory Purchases: January 10 January 18 Total s 9.00 S 9.00 4,000 7.000 18,000 $ 9.00 $ 10.00 36,000 70,000 182.000 $ 10.00 S 10.00 s