Required information [The following information applies to the questions displayed below] Ferris Company began January with 5,000 units of its principal product. The cost of each unit is $8. Merchandise transactions for the month of January are as follows: Date of Purchase Jan. 10 Jan. 18 Totals Purchases Units 3,000 Unit Cost $ 9 5,000 10 8,000 Total Cost $27,000 50,000 77,000 Includes purchase price and cost of freight. Sales Date of Sale Units Jan. 5 2,000 Jan. 12 1,000 Jan. 20 3,000 Total 6,000 7,000 units were on hand at the end of the month,