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* Date of Purchase Jan. 10 Jan. 18 Totals Units 4,000 7,000 11,000 10 Total Cost $ 36,000 70,000 106,000 * Includes purchase price and cost of freight. Units Sales Date of Sale Jan. 5 Jan. 12 Jan. 20 Total 3,000 1,000 4,000 8,000 10,000 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 Sold - Periodic FIFO Ending Inventory - Periodic FIFO FIFO Cost per Cost per Cost of Goods Available for Sale Cost of # of units Goods unit Available for Sale $ 0 # of units sold Cost of Goods Sold Cost per # of units in ending inventory Ending Inventory unit unit $ 0.00 $ $ 0.00 $ 0 Beginning Inventory Purchases: January 10 January 18 Total 0 $ O $ 0 0.00 0.00 0.00 0.00 0 $ 0: $ 0 0 $ 0 0 $ 0 $ 0