! 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 $6. Merchandise transactions for the month of January are as follows: Date of Purchase Jan. 10 Jan. 18 Totals Units 6,000 7,000 13,000 Purchases Unit Cost $ 7 B Total Cost $42,000 56,000 98.000 * Includes purchase price and cost of freight. Sales Date of Sale Jan. 5 Jan. 12 Jan. 20 Units 3,000 1,000 4,000 8,000 Total 12,000 units were on hand at the end of the month. 3. Calculate January's ending inventory and cost of goods sold for the month using FIFO, perpetual system. Cost of Goods Available for Sale Cost of Goods Sold - January 5 5 Cost of Goods Sold - January 12 - Cost of Goods Sold - January 20 - Inventory Balance Perpetual FIFO: # of units Unit Cost Cost of Goods Available for Sale $ 42,000 # of units sold Cost per unit # of units Cost per sold unit Cost of Goods Sold Cost of # of units Cost per Goods Sold sold unit Cost of # of units in ending Goods Sold inventory Cost per unit Ending Inventory 7,000 $ 6.00 $ 6.00 $ $ 0 $ $ 6.00 $ 0 $ 6.00 $ $ 0 6.00 $ 0 Beg. Inventory Purchases: January 10 January 18 Total 7.00 42,000 7.00 0 0 0 6,000 7,000 7.00 8.00 7.00 8.00 7.00 8.00 8.00 8.00 0 0 0 0 56,000 140,000 20,000 $ 0 $ 0 0 $ 0 0 $ 0 0 $ 0