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 $8. Merchandise transactions for the month of January are as follows: Purchases Unit Cost* Units Date of Purchase Jan. 10 Jan. 18 Totals 4,000 7,000 11,000 10 Total Cost $ 36,000 70,000 106,000 * 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 10,000 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. Cost of Goods Sold - Periodic LIFO LIFO Cost of Goods Available for Sale Cost of Goods unit Available for Sale Ending Inventory - Periodic LIFO # of units Cost per Ending in ending unit inventory Inventory # of units Cost per # of units sold Cost per unit Cost of Goods Sold Beginning Inventory Purchases January 10 January 18 Total