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: Date of Purchase Jan. 19 Jan. 18 Totals Units 5,eee 6,000 11,eee Purchases Unit Cost $ 8 9 Total Cost $49, eee 54,80 94,88 * Includes purchase price and cost of freight Sales Date of Sale Jan. 5 Jan. 12 Jan. 29 Total Units 3,000 2, eee 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, perlodic system