Required information [The following information applies to the questions displayed below.] Ferris Company began January with 8,000 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 Purchases Unit Cost* $ 7 Total Cost 8,000 8 14,000 $ 42,000 64,000 106,000 Includes purchase price and cost of freight. Sales Date of Sale Units Jan. 5 4,000 Jan. 12 2,000 Jan. 20 4,000 Total 10,000 12,000 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. Ending Inventory - Periodic LIFO Cost of Goods Available for Sale Cost of Goods Sold - Periodic LIFO LIFO # of units Cost per unit Cost of Goods Available for Sale # of units sold Cost per unit Cost of Goods Sold # of units in ending inventory Cost per Ending unit Inventory Beginning Inventory Purchases: 8,000 $6.00 $ 48,000 $ 6.00 $ 6.00 January 10 January 18 6,000 $7.00 42,000 $ 7.00 $ 7.00 8,000 $ 8.00 64,000 $ 8.00 $ 8.00 Total 22,000 $ 154,000