Required information (The following information applies to the questions displayed below.) Ferris Company began January with 9,000 units of its principal product. The cost of each unit is $4. Merchandise transactions for the month of January are as follows: Date of Purchase Jan. 10 Jan. 18 Totals Units 6,000 9,000 15,000 Purchases Unit Cost* $ 5 6 Total Cost $30,000 54,000 84,000 * Includes purchase price and cost of freight. Sales Date of Sale Jan. 5 Jan. 12 Jan. 28 Total Units 5,000 3,000 6,000 14,000 10,000 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. Required: 1. Calculate January's ending inventory and cost of goods sold for the month using FIFO, periodic system. Cost of Goods Available for Sale Cost of Goods Sold - Periodic FIFO Ending Inventory - Periodic FIFO FIFO Cost per Cost of Goods Available for Sale # of units # of units sold Cost per Cost of Goods Sold # of units in ending inventory Cost per unit Ending Inventory unit unit 9,000 $ 4.00 $ 36,000 $ 4.00 $ 0 $ 4.00 $ 0 Beginning Inventory Purchases: $ 5.00 30,000 $ 5.00 0 $ 5.00 0 January 10 January 18 6,000 9,000 24,000 $ 6.00 $ 6.00 0 $ 6.00 0 54,000 120,000 Total $ O 0 $ O