Required information [The following information applies to the questions displayed below.) Ferris Company began January with 6,000 units of its principal product. The cost of each unit is $7. Merchandise transactions for the month of January are as follows: Purchases Date of Purchase Units Unit cost Total Cost Jan. 10 5,000 $ 8 $40,000 Jan. 18 6,000 54,800 Totals 11,600 94,000 cos 9 Includes purchase price and cost of freight. Sales Date of Sale Jan. 5 Jan. 12 Jan. 20 Total Units 3,000 2.000 4.000 9,000 8,000 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 FIFO #of units Cost per Cont of Goods Available for Sale Cost of Goods Sold - Periodic FIFO Cont of Goods #of units Cost per Cost of unit Available for sold unit Sale 6,000 $ 7.00 $ 42.000 $ 7.00 $ 0 Ending Inventory - Periodic FIFO # of units Ending Inventory Inventory $ 7.00 $ Cost per Goods sold in ending 0 Beginning Inventory Purchases January 10 January 18 Total $ 5.000 $ 8.00 6,000 S 9.00 17,000 0 40,000 54,000 136,000 $ $ 8.00 9.00 ooo 8.00 9.00 S 0 S 0 $ 0 S 0