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: Date of Purchase Jan. 10 Jan. 18 Totals Units 6,000 7,000 13,000 Purchases Unit Cost* $ 7 8 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. 2. Calculate January's ending inventory and cost of goods sold for the month using LIFO, periodic system. LIFO Cost of Goods Available for Sale Cost of Goods Sold - Periodic LIFO Cost of Goods # of units Cost per Cost of unit Available for sold unit Goods Sold Sale 7,000 $ 6.00 $ 42.000 $ 6.00 $ 0 Ending Inventory - Periodic LIFO # of units in ending Cost per Ending unit Inventory inventory # of units Cost per $ 6.00 $ 0 Beginning Inventory Purchases: January 10 January 18 Total $ 7.00 0 $ 7.00 0 6,000 $ 7.00 7,000 $ 8.00 20,000 42,000 56,000 140,000 $ 8.00 0 $ 8.00 0 $ 0 $ 0 0 $ 0