Required information [The following information applies to the questions displayed below. Ferris Company began January with 4,000 units of its principal product. The cost of each unit is $7. Merchandise transactions for the month of January are as follows: Date of Purchase Jan. 10 Jan. 18 Totals Units 3,000 4,000 7,000 Purchases Unit Cost* $ 8 9 Total Cost $24,000 36,000 60,000 * Includes purchase price and cost of freight. Sales Date of Sale Jan. 5 Jan. 12 Jan. 20 Total Units 2,000 1,000 3,000 6,000 5,000 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. 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 # of units Cost per Goods unit Available for Sale # of units sold Cost per Cost per unit Cost of Goods Sold # of units in ending inventory unit Ending Inventory $ 0 $ 0.00 $ 0 $ 0.00 $ 0 Beginning Inventory Purchases January 10 January 18 Total 0 0 $ 0 $ $ 0.00 0.00 0.00 0.00 $ 0 0 0 $ 0 $ 0 0 0