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 $6. Merchandise transactions for the month of January are as follows: Date of Purchase Jan. 1e Jan. 18 Totals Units 6,600 7,000 13,800 Purchases Unit Cost" $ 7 8 Total cost $42,000 56,000 98,000 * Includes purchase price and cost of freight Sales Date of Sale Jan. 5 Jan. 12 Jan. 20 Total Units 3,000 3,000 4.000 10,000 Required: 1. Calculate January ending inventory and cost of goods sold for the month using FIFO, periodic system Color Goods Sold Periodic FIFO Ending Inventory Perlodle Pro BEO Cont of Goods Available for Sale Cost of Goods Ave for Cost por ons Coupe Costel Cost of # of its unt Goods sold in anden Inventory 5 600 0 os Ending Inventory 7000 5600 2.000 6008 0 Beginning inventory Purchases January 10 January 10 Total 7.00 6.000 $ 7.00 2.000 53.00 20 000 42,000,000 $ 56.000 $ 140 000 3.000 7.00 800 21.000 O 21.000 3,000 s 7.000 5 10,000 800 21,000 56,000 577.000 3 $