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 January 10 5,000 Purchases Unit Cost 56 Total Cost $10,000 January 181 6,000 42,000 Totals 11,000 Includes purchase price and cost of freight. $72,000 Sales Date of Sale Unite January 5 3,000 January 12 2,000 January 201 4,000 Total 9,000 8,000 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 Cost of Goods Available for Sale Cost of Goods Sold January 5 Cost of Goods Beld-January 12 Cost of Goods Sold January 201 Perpetual FIFO Number of unita Cost Unit Cost of Goods Available for Sale Number of units sold Cost per unit Cost of Goods Sold Number of units Cest per unit Cost of Goods Sold sold Number of units sold Cost per unit Cost of Goods Sold Number of units in ending Inventory Inventory Balance Cost per unit Ending Inventory Beginning Inventory 6.000 $500 $ 30,000 5.00 $ 500 $ 5.00 $ 5,00 Purchases January 101 5,000 6.00 30,000 600 January 18 6,000 700 42.000 7.00 6.00 0 6.00 6.00 7.00 0 7.00 0 7.00 Total 17,000 $ 102.000