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 Totals Units 5,000 8,000 13,000 Purchases Unit Cost $ 10 11 Total Cost $ 50,000 88,000 138,000 * 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. Required: 1. Calculate January's ending inventory and cost of goods sold for the month using FIFO, periodic system. Ending Inventory - Periodic FIFO FIFO # of units Cost per Cost of Goods Available for Sale Cost of Goods Sold - Periodic FIFO Cost of Goods # of units Cost per Cost of Available for sold unit Goods Sold Sale 8,000 $ 9.00 $ 72,000 $ 9.00 $ 0 0 unit # of units in ending inventory Cost per unit Ending Inventory $ 9.00 $ 0 Beginning Inventory Purchases: January 10 January 18 50.000 $ 10.00 0 $ 0 5,000 $10.00 8,000 $11.00 21,000 10.00 11.00 $ 11.00 0 $ 0 88,000 210,000 Total $ 0 0 $ 0 0 $ 0 0