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A company began January with $9,000$ units of its principal product. The cost of each unit is $$5.$ Inventory transactions for the month of January are as follows:

$\backslash$table$[[$Date of Purchase,Purchases$],[$Units$,$Unit Cost$*,$Total Cost$],[6,000,$$$6,$$$36,000],[$Totals$,9,000,7,63,000],[,,,]]$

Includes purchase price and cost of freight.

$\backslash$table$[[$Sales$],[$Date of Sale,Units$],[$January $5,5,000],[$January $12,3,000],[$January $20,6,000],[,]]$

$10,000$ units were on hand at the end of the month.

Required:

Calculate January's ending inventory and cost of goods sold for the month using FIFO, periodic system.

$\backslash$table$[[\backslash$table$[[$FIFO$],[$Beginning Inventory$]],$Cost of Goods Available for Sale,Cost of Goods Sold $-$ Periodic FIFO,Ending Inventory $-$ Periodic FIFO$],[\backslash$table$[[$Number$],[$of units$],[9,000]],\backslash$table$[[$Cost per$],[$unit$]],\backslash$table$[[$Cost of$],[$Goods$],[$Available for$],[$Sale$]],\backslash$table$[[$Number of$],[$units sold$],[9,000]],\backslash$table$[[$Cost per$],[$unit$]],\backslash$table$[[$Cost of$],[$Goods Sold$]],\backslash$table$[[\backslash$table$[[\backslash$table$[[$Number of$],[$units in$],[$ending$],[$inventory$]]],[0]]]],\backslash$table$[[$Cost per$],[$unit$]],\backslash$table$[[$Ending$],[$Inventory$]]],[$$$5\mathrm{.}00,$$$,45,000,$$$,5\mathrm{.}00,$$$,45,000,$$$,5\mathrm{.}00,$$$,0],[$Purchases:$],[$January $10,6,000,$$$6\mathrm{.}00,,36,000,,5,000,$$$,6\mathrm{.}00,,30,000,1,000,$$$,6\mathrm{.}00,,6,000],[$January $18,9,000,$$$7\mathrm{.}00,,63,000,0,$$$,7\mathrm{.}00,,0,9,000,$$$,7\mathrm{.}00,,63,000],[$Total$,24,000,,$$$,144,000,14,000,,,$$$,75,000,10,000,,,$$$,69,000]]$

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$[$The following information applies to the questions displayed below.$]$

A company began January with $9,000$ 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 Purchases

Units Unit Cost$*$Footnote asterisk Total Cost

January $106,000$ $ $6$ $ $36,000$

January $189,000763,000$

Totals $15,000$ $ $99,000$

$*$Footnote asterisk Includes purchase price and cost of freight.

Sales

Date of Sale Units

January $55,000$

January $123,000$

January $206,000$

Total $14,000$

$10,000$ units were on hand at the end of the month.