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 $ 7 Date of Purchase Jan. 10 Jan. 18 Totals Units 6,000 7,000 13,000 Total Cost $42,000 56,000 98,000 * Includes purchase price and cost of freight. Sales Date of Sale Jan. 5 Jan. 12 Jan. 20 Total Units 3,000 1,000 4,000 8,000 12,000 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. Cost of Goods Sold - Periodic FIFO Ending Inventory - Periodic FIFO FIFO Cost of Goods Available for Sale Cost of # of units Cost per Goods unit Available for Sale $ # of units Cost of # of units sold Cost per unit in ending Cost per Goods Sold Ending Inventory inventory unit $ 0.00 $ 0 $ 0.00 $ Beginning Inventory Purchases: January 10 January 18 Total 0 0 0 $ $ 0. 00 0. 00 0 $ 0 $ $ 00 0.00 0.00 0 0 $ 0 $