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. Required: 1. Calculate January's ending inventory and cost of goods sold for the month using FIFO, periodic system. Ending Inventory - Periodic FIFO FIFO Cost of Goods Available for Sale Cost of Goods Sold - Periodic FIFO Cost of Cost per Goods # of units Cost per Cost of # of units unit Available for sold unit Goods Sold Sale # of units in ending inventory Cost per unit Ending Inventory 7,000 $ 6.00 $ 42,000 $ 6.00 $ 0 $ 6.00 0 Beginning Inventory Purchases: January 10 January 18 $ 00 0 6,000 $ 7.00 7,000 $ 8.00 20,000 42,000 56,000 140,000 7.00 8.00 $ $ $ OOO 8.00 0 Total $ 0 $ 0 0 $ 0