Required information [The following information applies to the questions displayed below.) Ferris Company began January with 9,000 units of its principal product. The cost of each unit is $8. Merchandise transactions for the month of January are as follows: Date of Purchase Jan. 10 Jan. 18 Totals Units 6,000 9,000 15,000 Purchases Unit Cost* $ 9 10 Total Cost $ 54,000 90,000 144,000 * Includes purchase price and cost of freight. Sales Date of Sale Jan. 5 Jan. 12 Jan. 20 Total Units 5,000 3,000 6,000 14,000 10,000 units were on hand at the end of the month. 3. Calculate January's ending Inventory and cost of goods sold for the month using FIFO, perpetual system. Cost of Goods Available for Sale Cost of Goods Sold - January 5 Cost of Goods Sold - January 12 Cost of Goods Sold - January 20 Inventor Perpetual FIFO: : Cost of # of # Unit Goods units Cost Available for Sale 9,000 $8.00 S S 72,000 # of units sold Cost per unit Cost of Goods Sold # of units sold Cost per unit Cast of Goods Sold Cast uni # of units Cost per # of units Cost of sold unit Goods Sold In ending inventory $ $ 8.00 $ $ 0 $ 8.00 $ $ 0 $ 8.00 $ $ 0 S Beg. Inventory Purchases: January 10 January 18 9.00 0 0 01 0 0 6,000 9,000 24,000 54,000 90,000 9.00 10.00 9.00 10.00 9.00 10.00 10.00 0 0 0 Total S 216,000 0 $ 0 0 $ 0 0 $ 0 0 Cost of Goods Sold - January 12 Cost of Goods Sold - January 20 Inventory Balance Cost per Cost per Cost per # of units sold Cost of # of units Goods Sold sold Cost of Goods Sold # of units in ending inventory Ending Inventory unit unit unit $ 8.00 $ 8.00 0 8.00 0 9.00 O 9.00 0 9.00 0 10.00 0 10.00 0 10.00 olo 0 $ 0 0 0 0 6