Required information The following information applies to the questions displayed below.) Ferris Company began January with 7,000 units of its principal product. The cost of each unit is $6. Merchandise transactions for the month of January are as follows: Purchases Unit Cost Date of Purchase Jan. 10 Jan. 18 Totale Units 6,000 7,000 13,000 B Tatal Cost $42,000 56,000 99,000 * Includes purchase price and cost of freight. Units Sales Date of Sale Jan. 5 Jan. 12 Jan. 20 1,000 4,000 3,000 Total 12,000 units were on hand at the end of the month. 3. Calculate January's ending inventory and cost of goods sold for the month using FIFO, perpetual system. Answer is not complete. Cost of Goods Sold - January 5 Cost of Goods Sold - January 12 Cost of Goods Sold - January 20 Inventory Balance Perpetual FIFO: Cost of # of units Cost of Goods Available for Sale Cost of # of Unit Goods units Cost Available for Sale 7.000 $8.00 $ 42.000 #of units sold Cost per unit Cost of Goods Sold # of units sold Cost per unit Goods # of units sold Cost per unit Cost of Goods Sold in ending inventory Cost per unit Ending Inventory Sold 0 XS 6.00 S 0 7,000 $ 6.00 $ 42,000 3,000S 6.00 $ 18.000 $ 8.00 $ 0 Beg Inventory Purchases: January 10 January 18 Total 42,000 7,000 7.00 0 7.00 0 7.00 294,000 6,000 7,000 20,000 7.00 8.00 1,000 X 7,000 X 8.000 7.00 8.00 8.00 8.00 56,000 $ 140,000 8.00 56,000 S 63.000 0 $ 42,000 42,000 % 35.000 * 77,000 0 $ 18,000 280,000 $ 574,000 7,000 3.000