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 $7. Merchandise transactions for the month of January are as follows: Date of Purchase Jan. 10 Jan. 18 Totals Units 5,000 6,000 11,000 Purchase Unit Cost $ 8 9 Total Coat $40,000 54,000 94,000 * Includes purchase price and cost of freight. Salon Date of Sale Jan. 5 Jan. 12 Jan. 20 Total Units 3,000 2,000 4,000 9,000 8,000 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. Cost of Goods Sold - Periodic LIFO LIFO Cost of Goods Available for Salo Cost of Goods unit Available for Sale 6,000 $ 7.00 $ 42,000 of units Cost per W of units sold Cost per Cost of Goods Sold unit Ending Inventory. Periodic LiFO # of units In anding Cost per Ending Inventory Inventory s 7.00 $ D $ 7.00 $ 0 Beginning Inventory Purchases: January 10 January 18 Total $ 8.00 $ 0 5,000 $ 8,00 6,000 $ 9.00 17.000 40,000 54,000 136,000 8.00 9.00 $ 9.00 OOO $ 0 $ 0 $ 0 $