Problem 8-5 (Algo) Various inventory costing methods (LO8-1,8-4) [The following information applies to the questions displayed below) Ferris Company began January with 8,000 units of its principal product. The cost of each unit is $6. Merchandise transactions for the month of January are as follows: Purchases Date of Purchase Unit Cost Total Cost Jan. 10 $ 42,000 Jan. 18 Totals $7 Units 6.ee 8,00e 14. eee 64,000 106,68 + Includes purchase price and cost of freight Sales Date of Sale Jan. 5 Jan. 12 Jan. 20 Total Units 4,000 2,000 4, one 10,000 12,000 units were on hand at the end of the month Includes purchase price and cost of freight Sales Jon 5 Jan 13 Jan. 20 its 4,000 3.000 10. 12:00 units were on hand at the end of the month Problem 8-5 (Algo) Part 2 . Calculate January's ending inventory and cost of goods sold for the month using UFO period system LIFO Cost of Available for Sale Cost of Sold Periodic Ceat of Goods of units Cost per Cost of Available for sold Good Gold Sale 1.000 66.00 B000 $ 6.00 Ending Inventory. Pod LIFO of intenang Cost per Ending inventary Inventory 6.00 $ 5 Baging intory Purch Jawy 10 January 18 Total 700 5,000 57.00 8000 58.00 22.000 7.00 8.00 5 42.000 84000 154.000 5 8.00 5