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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:

Date of Purchase Purchases

Units Unit Cost$*$Footnote asterisk Total Cost

January $103,000$ $ $9$ $ $27,000$

January $185,0001050,000$

Totals $8,000$ $ $77,000$

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

Sales

Date of Sale Units

January $52,000$

January $121,000$

January $203,000$

Total $6,000$

$7,000$ units were on hand at the end of the month.!

Required information

$[$The following information applies to the questions 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 fieight.

$7\mathrm{.}000$ units were on harid at the end of the month

Required:

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