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 6,000 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 Units Jan. 101 5,000 Unit Cost $ 7 Total Cost $35,000 Jan. 18 Totals 6,000 48,000 11,000 83,000 Includes purchase price and cost of freight. Sales Date of Sale Unita Jan. 5 3,000 Jan. 12 2,000 Jan. 20 Total 4,000 9,000 8,000 units were on hand at the end of the month. Problem 8-5 (Algo) Part 2 2. Calculate January's ending inventory and cost of goods sold for the month using LIFO, periodic system.