Required informauon [The following information applies to the questions displayed below.] Ferris Company began January with 5,000 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 Purchases Unit Cost: S 9 Units 3,000 5,000 8,000 Total Cost $27,000 50,000 77,000 Totals * Includes purchase price and cost of freight. Sales Date of Sale Jan. 5 Jan. 12 Jan. 20 2,000 1,000 3,000 6,000 Total 7,000 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 per Cost per Cost of Goods Available for Sale Cost of Goods # of units Available for Sale 5.000 40.000 # of units sold Cost per Cost of Goods Sold unit # of units in ending inventory Ending Inventory unit GET S 8.00 $ S 8.00 $ 0 Beginning Inventory Purchases: January 10 January 18 Total 27,000 69 9.00 9.00 0 O 3,000 $ 9.00 5.000 $ 10.00 13.000 $ $ S 10.00 10.00 50.000 117.000 0 0 $ 0 0 GA 0