! Required information [The following information applies to the questions displayed below.] Ferris Company began January with 7,000 units of its principal product. The cost of each unit is $9. Merchandise transactions for the month of January are as follows: Date of Purchase Jan. 10 Jan. 18 Units 6,000 7,000 13,000 Purchases Unit Cost* $ 10 11 Total Cost $ 60,000 77,000 137,000 Totals * Includes purchase price and cost of freight. Sales Date of Sale Jan. 5 Jan. 12 Jan. 20 Total Units 3,000 1,000 4,000 8,000 12,000 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 Sold - Periodic FIFO Ending Inventory - Periodic FIFO FIFO Cost of Goods Available for Sale Cost of Cost per Goods # of units unit Available for Sale 7,000 $ 9.00 $ 63,000 # of units sold Cost per unit Cost of Goods Sold # of units in ending inventory Cost per unit Ending Inventory $ 9.00 $ 9.00 Beginning Inventory Purchases: January 10 January 18 Total $ 10.00 60,000 $ 6,000 7,000 20,000 10.00 11.00 $ $ 10.00 11.00 $ 11.00 $ 77,000 200,000 $