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 $6. Merchandise transactions for the month of January are as follows: Purchases Date of Purchase Units Jan. 10 5,000 Unit Cost $ 7 Total Cost Jan. 18 6,000 8 Totals 11,000 $35,000 48,000 83,000 *Includes purchase price and cost of freight. Sales Date of Sale Units Jan. 5 3,000 Jan. 12 2,000 Jan. 20 4,000 Total 9,000 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 FIFO # of units Cost per unit Cost of Goods Available for # of units sold Cost per unit Cost of Goods Sold # of units in ending inventory Cost per unit Ending Inventory Sale Beginning Inventory 6,000 $ 6.00 $ 36,000 $ 6.00 $ 6.00 Purchases: January 10 5,000 $ 7.00 35,000 $ 7.00 $ 7.00 January 18 6,000 $ 8.00 48,000 $ 8.00 $ 8.00 Total 17,000 $ 119,000