Required information Skip to question [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: Date of Purchase Purchases Units Unit Cost*Footnote asterisk Total Cost January 10 3,000 $ 9 $ 27,000 January 18 5,000 10 50,000 Totals 8,000 $ 77,000 *Footnote asterisk Includes purchase price and cost of freight. Sales Date of Sale Units January 5 2,000 January 12 1,000 January 20 3,000 Total 6,000 7,000 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