Required information The following information applies to the questions displayed below) Ferris Company began January with 7000 units of its principal product. The cost of each unit is 56. Merchandise transactions for the month of January are as follows Date of Purchase Jan. 10 Jan 10 Totals Purchase Unit Cost 52 Units 6,000 2.000 13.000 Total cost $42,000 $6,000 98,000 * Includes purchase price and cost of freight Sales Date of Sale Jan. 5 Jan. 12 on 20 Total 3,000 3.000 4.000 10.000 3. Calculate January ending inventory and cost of goods sold for the month using FIFO perpetual system Cost of God Con of Goods or 12 Chat of Goods Cuir o Good Sale Contoh Un Goode B HED Coupe Costel Goode soli Botunts contper w Cost of Goods Sold lotants Costper Costol Goods 7.000 5 600 12.000 5 600 $ 2005 O $ 600 Bag Inventory Purchases January 10 January 18 Total 700 6.000 T.000 20.000 12.000 56.000 100.000 700 8.00 7.00 8.00 700 800 800 5 0 5 5 5 0 entory and cost of goods sold for the month using FIFO perpetual system Follow Cose of Good Sold 12 Cost of Good Sold January 20 hood of Costa Cost of of units Coupe Goods Sold Coster Cool Good Sold Mount inding mery os 42 000 5 001 1 $ 5909 0 $ $ 009 0 5 $ 003 0 . 0 700 7.00 8.00 700 0 2.000 56.900 140.000 700 800 0 0 0 0011 0 0 3 0 $ 0 D 1 0 5 $ 0 0 $ 0