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Problem $8-5($Algo$)$ Various inventory costing methods $[$LO$8-1,8-4]$

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A company began January with $8,000$ units of its principal product. The cost of each unit is $$8.$ Inventory transactions for the month of January are as follows:

Date of Purchase Purchases

Units Unit Cost$*$Footnote asterisk Total Cost

January $106,000$ $ $9$ $ $54,000$

January $188,0001080,000$

Totals $14,000$ $ $134,000$

$*$Footnote asterisk Includes purchase price and cost of freight.

Sales

Date of Sale Units

January $54,000$

January $122,000$

January $205,000$

Total $11,000$

$11,000$ units were on hand at the end of the month.

Problem $8-5($Algo$)$ Part $3$

$3.$ Calculate January's ending inventory and cost of goods sold for the month using FIFO, perpetual system.