Required information. [The following information applies to the questions displayed below] Ferris Company began January with 7,000 units of its principal product. The cost of each unit is $8. Merchandise transactions for the month of January are as follows: Purchases Date of Purchase Units Unit Cost Total Cost Jan. 10 4,000 $ 9 $ 36,000 Jan. 18 7,000 10 Totals 11,000 70,000 106,000 *Includes purchase price and cost of freight Sales Date of Sale: Units Jan. 5 3,000 Jan. 12 1,000 Jan. 201 4,000 Total 8,000 10,000 units were on hand at the end of the month.