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 $7. Merchandise transactions for the month of January are as follows: * Includes purchase price and cost of freight. 11,000 units were on hand at the end of the month. quired: Calculate January's ending inventory and cost of goods sold for the month using FIFO, periodic system