Required information Problem 8-5 (Algo) Various inventory costing methods (LO8-1, 8-4] [The following information applies to the questions displayed below.] A company began January with 6,000 units of its principal product. The cost of each unit is $5. Inventory transactions for the month of January are as follows: Date of Purchase Units Purchases Unit Cost Total Cost January 10 January 181 5,000 6,000 $ 6 7 $ 30,000 42,000 Totals 11,000 $ 72,000 Includes purchase price and cost of freight. Sales Date of Sale Units January 5 3,000 January 12 2,000 January 20 4,000 Total 9,000 8,000 units were on hand at the end of the month. Problem 8-5 (Algo) Part 1 Required: 1. Calculate January's ending inventory and cost of goods sold for the month using FIFO, periodic system. Answer is not complete. Cost of Goods Available for Sale Cost of Goods Sold Periodic FIFO Ending Inventory - Periodic FIFO FIFO Cost of Cost Number Number Goods per of units unit Available for Sale of units sold Cost per unit Cost of Goods Sold Number of units in ending Inventory Cost per unit Ending Inventory Beginning Inventory 6,000 $5.00 $ 30,000 $ 5.00 $ $ 5.00 S 0 Purchases: January 10 5,000 $6.00 January 18 6,000 $7.00 30,000 42,000 $ 6.00 0 $ 6.00 0 $ 7.00 0 $ 7.00 0 Total 17,000 $ 102,000 0 $ 0 S 0