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: Purchases Unit Cost* Date of Purchase Jan. 10 Jan. 18 Totals Units 3,000 4,000 7,000 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. 2. Calculate January's ending inventory and cost of goods sold for the month using LIFO, periodic system. Cost of Goods Sold - Periodic LIFO Ending Inventory - Periodic LIFO LIFO # of units Cost per Cost of Goods Available for Sale Cost of Goods unit Available for Sale $ 0 # of units sold Cost per Cost of Goods Sold # of units in ending inventory Cost per Ending Inventory unit unit $ 0.00 $ 0 $ 0.00 $ 0 Beginning Inventory Purchases: January 10 January 18 0 $ 0.00 0 0 0.00 0.00 0 $ 0.00 0 $ 0 2. Calculate January's ending inventory and cost of goods sold for the month using LIFO, periodic system. Cost of Goods Sold - Periodic LIFO Ending Inventory - Periodic LIFO LIFO Cost of Goods Available for Sale Cost of Goods unit Available for Sale $ 0 # of units sold Cost per # of units Cost per Cost of Goods Sold Cost per unit # of units in ending inventory unit Ending Inventory $ 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 01 $ 0 0 $ 0 0 $ 0 0 $ 0