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: Purchases Date of Purchase 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.Required: 1. Calculate January's ending inventory and cost of goods sold for the month using FIFO, periodic system. x Answer is complete but not entirely correct. Cost of Goods Available for Sale Cost of Goods Sold - Periodic FIFO Ending Inventory - Periodic FIFO FIFO Number Cost of Number Number Cost Cost of Goods Cost Cost of units per Available of units Goods of units Ending per unit Sold in ending unit per unit Inventory for Sale sold inventory Beginning Inventory 8,000 $ 8.00 $ 64,000 4,000 X $ 8.00 $ 32,000 4,000 X $ 8.00 $ 32,000 Purchases: January 10 6,000 $ 9.00 54,000 3,000 $ 9.00 27,000 4,000 X $ 9.00 36,000 $ January 18 8,000 10.00 80,000 5,000 X $ 10.00 50,000 4,000 X $ 10.00 40,000 Total 22,000 $ 198,000 12,000 $ 109,000 12,000 108,000