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Ferris Company began January with 6,000 units of its principal product. The cost of each unit is $5. Merchandise transactions for the month of January are as follows:

2 Required information [The following information applies to the questions displayed below.] Part 1 of 5 Ferris Company began January with 6,000 units of its principal product. The cost of each unit is $5. Merchandise transactions for the month of January are as follows: 7.5 Purchases Date of Purchase Units points Unit Cost* Total Cost Jan. 10 5,000 $ 6 $30, 090 Jan. 18 6,000 42, 000 Totals 11, 000 72, 000 "Includes purchase price and cost of freight. Sales Date of Sale Units Jan. 5 3,000 Jan. 12 2, 090 Jan. 20 4,090 Total 9,000 8,000 units were on hand at the end of the month. Required: 1. Calculate January's ending inventory and cost of goods sold for the month using FIFO, periodic system. Cost of Goods Available for Sale Cost of Goods Sold - Periodic FIFO Ending Inventory - Periodic FIFO Cost of FIFO # of units Cost Goods # of units Cost per Cost of # of units Cost per Ending per unit Available for sold unit Goods Sold in ending unit Inventory Sale inventory Beginning Inventory 6,000 $ 5.00 $ 30,000 S 5.00 $ 5.00 Purchases January 10 5,000 $ 6.00 80,000 S 6.00 6.00 January 18 5,000 $ 7.00 12,000 S 7.00 7.00 Total 17,000 S 102,000