Required information {The following information applies to the questions displayed below.) Ferris Company began January with 8,000 units of its principal product. The cost of each unit is $9. Merchandise transactions for the month of January are as follows: Date of Purchase Jan. 10 Jan. 18 Units 5,000 8.000 12.00 13,000 Purchases Unit Cost Total Cost $ 10 $ 50,000 11 88,000 138,000 138.000 Totals * 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 = 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 Sold - January 12 Cost of Goods Sold - January 20 Inventory Balance Perpetual FIFO Cost of # of units Cost of Goods Available for Sale Cost of Goods Sold - January 5 Cost of 8 of # of Goods Unit Cost per Cost of units Available for units Cost unit Goods Sold Sale sold 8,000 $ 9.00 $ 72,000 $ 9.00 # of units sold Cost per unit Cost of Goods Sold # of units sold Cost per unit Goods Sold in ending Cost per unit Ending Inventory inventory $ 9.00 $ 9.00 S 9.00 $ 0 Beg Inventory Purchases: January 10 January 18 Total 5,000 8,000 21,000 10.00 11.00 50,000 88,000 210,000 10.00 11.00 10.00 11.00 0 0 0 10.00 11.00 10.00 11.00 0 S