Required Information Problem 8-5 (Algo) Varlous Inventory costlng methods [LO8-1, 8-4] [The following information applles to the questlons displayed below] A company began January with 5,000 units of its principal product. The cost of each unit is $8. Inventory transactions for the month of January are as follows: - Includes purchase price and cost of freight. 7.000 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