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 $7. 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* $ 8 9 Total Cost $ 48,000 63,000 111,000 * 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 Available for Sale Cost of Goods Sold - Periodic FIFO Ending Inventory - Periodic FIFO FIFO Cost of Goods Available for Sale # of units Cost per # of units sold Cost per unit Cost per Cost of Goods Sold # of units in ending inventory Ending Inventory unit unit 7,000 $ 7.00 $ 49,000 $ 7.00 $ 7.00 Beginning Inventory Purchases: $ 8.00 $ 8.00 January 10 January 18 6,000 $ 8.00 7,000 $ 9.00 20,000 48,000 63,000 160,000 $ 9.00 $ FA 9.00 Total $