Required information [The following information applies to the questions displayed below.] A company began January with 6,000 units of its principal product. The cost of each unit is $6. Inventory transactions for the month of January are as follows: Date of Purchase Units Purchases Unit Cost Total Cost January 10 5,000 $7 January 18 6,000 8 $ 35,000 48,000 Totals 11,000 $ 83,000 Includes purchase price and cost of freight. Sales Date of Sale Units January 5 3,000 January 12 2,000 January 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. Ending Inventory - Periodic FIFO Cost of Goods Available for Sale Cost of Goods Sold-Periodic FIFO FIFO Number Cost per unit of units Cost of Goods Available for Number of units sold Cost per unit Cost of Goods Sold Sale Number of units in ending inventory Cost per unit Ending Inventory Beginning Inventory 6,000 $ 6.00 $ 36,000 $ 6.00 $ 0 $ 6.00 $ 0 Prev 1 2 3 8m 9 5 of 6 Next > es 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. Ending Inventory - Periodic FIFO Cost of Goods Available for Sale Cost of Goods Sold-Periodic FIFO FIFO Number Cost per of units unit Cost of Goods Available for Number of Number of units sold Cost per unit Cost of Goods Sold units in Cost per ending unit Ending Inventory Sale inventory Beginning Inventory 6,000 $6.00 $ 36,000 $ 6.00 $ 0 $ 6.00 $ 0 Purchases: January 10 5,000 $7.00 35,000 $ 7.00 0 $ 7.00 0 January 18 6,000 $ 8.00 48,000 $ 8.00 0 $ 8.00 0 Total 17,000 $ 119,000 0 $ 0 0 $ 0