Required information [The following information applies to the questions displayed below.] Ferris Company began January with 4.000 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. 18 Jan. 18 Totals Units 3,60 4.600 7,600 Purchases Unit Cost $ 8 9 Total Cost $ 24,00 36,000 60,eee * Includes purchase price and cost of freight Sales Date of Sale Jan. 5 Jan. 12 Jan. 20 Total Units 2,eee 1,600 3,600 6,600 5.000 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. Cost of Goods Sold - Periodic LIFO LIFO Cost per Cost of Goods Available for Sale Cost of Goods # of units unit Available for Sale 4.000 $ 7.00 $ 28,000 # of units Cost per Ending Inventory - Periodic LIFO # of units Cost per Ending in ending unit Inventory inventory 7.00 sold Cost of Goods Sold unit $ 7.00 Beginning Inventory Purchases: January 10 January 18 Total S 3,000 $ 8.00 4,000 $ 9.00 11,000 24,000 36,000 88,000 $ $ 8.00 9.00 8.00 9.00 $