Required information Problem 8-5 (Algo) Various inventory costing methods [LOB-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 $7 Merchandise transactions for the month of January are as follows: Purchases Date of Purchase Uni Dan. 10 5,000 Unit Cost $8 Jan. 18 9 Totals 11,000 Includes purchase price and cost of freight. Date of Sale Sales Units Jan, 5 3,000 Jan. 12 2,000 Jan. 20 Total 9,000 8,000 units were on hand at the end of the month. Problem 8-5 (Algo) Part 1) Required: 1. Calculate Jaquan Total Cost $40,000 54,000 94,000 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. Ending Inventory Periodic FIFO Cost of Goods Available for Sale Cost of Goods Sold Periodic FIFO EIFO # of units Cost per unit Cost of Goods Available for Sale # of units sold Cost per unit Cost of Goods Sold # of units in ending Cost per unit Ending Inventory inventory Beginning Inventory 6,000 $7.00 $ 42,000 6,000 $ 7.00 $ 42,000 S 7.00 $ 0 Purchases: January 10 5,000 $ 8.00 40,000 $ 8.00 January 18 6,000 $ 9.00 54,000 $ 9.00 Total 17.000 $ 136,000 6,000 $ 42.000 0 $ 8.00 0 9.00 0 $ 0