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 $9. Merchandise transactions for the month of January are as follows: Purchases Units Unit Cost* Date of Purchase Total Cost $ 10 $50,000 5,000 Jan. 10 6,000 11 66,000 Jan. 18 116,000 11,000 Totals Includes purchase price and cost of freight. Sales Units Date of Sale 3,000 2,000 Jan. 5 Jan. 12 4,000 Jan. 20 9,000 Total 8,000 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 Available for Sale Cost of Goods Sold - Periodic FIFO Ending Inventory -Periodic FIFO Cost of Goods #of units in ending inventory FIFO Cost per # of units sold Cost per unit Cost of Goods Sold Cost per unit Ending Inventory # of units Available for unit Sale Beginning Inventory Purchases: January 10 January 18 Total