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 58. Merchandise transactions for the month of January are as follows Date of Purchase Jan. 10 Jan. 18 Totals Units 6,000 3,000 14,000 Purchases Unit cost" $ 10 Total cost $ 54,000 80.000 134,000 * Includes purchase price and cost of freight Sales Date of Sale Jan. 5 Jan. 12 Jan. 20 Total Units 4 2,600 5,00 11.000 11,000 units were on hand at the end of the month 2. Calculate January's ending inventory and cost of goods sold for the month using LIFO periodic system Coat of Goods Available for Sale Cost of Goods Sold Periodic UFO Ending Inventory Periodic Uro Cost of LIRO Cost per Goods of units Cost of of units Cost per Cost per Ending Hof units unit Available for sold unit in ending Goods Sold Sale Inventory inventory Beginning Inventory 8.000 S 8001 64000 S 300 5 300 Purchase January 10 6.000 $0.00 54000 S 9.00 3 9.00 January 18 3.000 $10.00 30,000 5 10.00 S 10.00 Total 22.000 5 198.000