Required information [The following information applies to the questions displayed below.] A company began January with 8,000 units of its principal product. The cost of each unit is $8. Inventory transactions for the month of January are as follows: Date of Purchase Purchases Units Unit Cost* Total Cost January 10 6,000 $ 9 $ 54, 000 January 18 8, 000 10 80, 000 Totals 14, 000 $ 134, 000 * Includes purchase price and cost of freight. Sales Date of Sale Units January 5 4, 000 January 12 2,000 January 20 5 , 000 Total 11, 000 11,000 units were on hand at the end of the month. 3. Calculate January's ending inventory and cost of goods sold for the month using FIFO, perpetual system.Cost of Goods Available for Sale Cost of Goods Sold - January 5 Cost of Goods Sold - January 12 Cost of Goods Sold - January 20 Perpetual FIFO: Cost of Number of Number Unit Goods Number Cost per Cost of Number Cost of Number Cost of of units Cost Available for of units Goods Sold of units Cost per of units Cost per units in unit unit Goods Sold unit Goods Sold ending Sale sold sold sold inventory Beginning Inventory 8,000 $ 8.00 $ 64,000 $ 8.00 $ 8.00 $ 8.00 Purchases: January 10 6,000 9.00 54,000 9.00 9.00 O 9.00 January 18 8,000 10.00 80,000 10.00 10.00 O 10.00 Total 22,000 $ 198,000Inventory Balance Number of units in Cost per Ending ending unit Inventory inventory $ 8.00 9.00 10.00