Required information 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 $7. Merchandise transactions for the month of January are as follows: - Includes purchase price and cost of freight. 11.000 units were on hand at the end of the month. 3. Calculate Jsouary's enong inventoly and coss of goods sold for the month using FIFO, nerpelual system