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 Purchases Unit Cout $ Unito 6,000 2.000 13,000 Total Cost $ 42,000 56.000 90,000 * Includes purchase price and cost of freight Sales Date of Sale Jan. 5 Jan 12 Jan. 20 Total Units 3,000 3,000 4,000 10,000 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 # of units Cost per Cost of Goods Available for Sale Cost of Goods unit Available for Sale 7,000 $ 6.00 $ 42.000 # of units sold Cost per Cost of Goods Sold unit of units in ending Inventory Cost per unit Ending Inventory 7.000 $ 6.00 $ 42,000 $ 6.00 $ 0 Beginning inventory Purchases: January 10 January 18 Total 6,000 $7.00 7,000 58.00 20,000 42.000 56,000 $ 700 $ 8.00 0 42,000 5 7,000 $ 7.000 7.00 8.00 $140,000 0 56,000 $50,000 7.000 $ 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 Ending Inventory - Periodic LiFO LIFO Cost of Goods Available for Sale Cost of of units Goods unit Available for Sale 7.000 $ 6.00 $ 42,000 Cost per # of units sold Cost per unit Cost of Goods Sold of units in ending Inventory Cost per unit Ending Inventory $ 6,00 $ 0 $ 6.00 $ Beginning Inventory Purchases January 10 January 18 Total $ 7.00 0 0 6,000 $7.00 7,000 $ 8.00 20,000 42,000 56,000 140,000 $ $ S 7.00 8.00 8.00 0 0 0 0 0 $