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 $5 Merchandise transactions for the month of January are as follows Date of Purchase Jan. 10 Jan. 18 Totals Units 5,000 6,000 11,000 Purchases Unit Cost 56 7 Total Cost 530,000 42,000 72,000 Includes purchase price and cost of freight Sales Date of Sale Jan. 5 Jan. 12 Jan. 20 Total Units 3, ee 2,000 4,200 9,000 8.000 units were on hand at the end of the month 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. Cost of Goods Sold - Periodic FIFO Ending Inventory - Periodic FIFO FIFO Cost of Goods Available for Sale Cost of Cost per Goods # of units unit Available for Sale 6,000 $ 5.00 $ 30,000 of units sold Cost per unit Cost of Goods Sold of units in ending inventory Cost per unit Ending Inventory 6 00015 5.00 S 30.000 6.000 $ 500 530,000 Beginning Inventory Purchases January 10 January 18 Total 30,000 42.000 102.000 600 7.00 5.000 $ 6.00 6,000 $7.00 17.000 5.000 $ 6,000 $ 17.000 6.00 700 30.000 42.000 $ 102 000 5,000 $ 6,000 $ 17.000 30,000 42.000 $ 102,000 s Sales Date of Sale Jan. 5 Jan. 12 Jan. 20 Total Units 3,000 2,800 4,000 9,000 8,000 units were on hand at the end of the month. Calculate January's ending Inventory and cost of goods sold for the month using LIFO, periodic system Cost of Goods Sold - Periodic LIFO Ending Inventory - Periodic LIFO LIFO Cost of Goods Available for Sale Cost of # of units Cost per Goods unit Available for Sale 6.000 $ 5.00 $ 30,000 # of units sold Cost per unit Cost of Goods Sold #of units in ending inventory Cost per unit Ending Inventory 6,000 $ 5.00 $ 30.000 3,000 $ 5.00 S 15.000 Beginning Inventory Purchases January 10 January 18 Total 5,000 S 6.00 6.000 $ 7.00 17,000 30,000 42,000 102,000 5.000 s 6,000 $ 17.000 6.00 7.00 30.000 42.000 $ 102.000 3.000 S 2.000 $ 8.000 6.00 7.00 18.000 14 000 47.000 $ 5