Required information [The following information applies to the questions displayed below.] Ferris Company began January with 6,000 units of its principal product. The cost of each unit is $8. Merchandise transactions for the month of January are as follows: Date of Purchase Jan. 10 Jan. 18 Units 5,000 6,000 11,000 Purchases Unit Cost* $ 9 10 Total Cost $ 45,000 60,000 $ 105,000 Totals * Includes purchase price and cost of freight. Sales Date of Sale Jan. 5 Jan. 12 Jan. 20 Units 3,000 2,000 4,000 9,000 Total 8,000 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 Cost of Goods Sold - January 12 Cost of Goods Sold - January 20 Perpetual FIFO: # of units Unit Cost Cost of Goods Available for Sale # of units sold Cost per unit Cost of Goods Sold # of units sold Cost per unit Cost of Goods Sold # of units Cost per sold unit Cost of Goods Sold Beg. Inventory 6,000 $ 8.00 $ 48,000 3,000 $ 8.00 $ 24,000 2,000 $ 8.00 $ 16,000 $ 8.00 0 Purchases: 9.00 9.00 0 9.00 0 9.00 0 January 10 January 18 Total 5,000 6,000 17,000 10.00 45,000 60,000 153,000 10.00 0 10.00 0 10.00 0 $ 3,000 $ 24,000 2,000 $ 16,000 0 0 Inventory Balance # of units in ending inventory Cost per unit Ending Inventory $ 8.00 $ 0 9.00 0 10.00 0 0 $ 0