$[$The following information applies to the questions displayed below.$]$

A company began January with $7,000$ units of its principal product. The cost of each unit is $$9.$ Inventory transactions for

the month of January are as follows:

Includes purchase price and cost of freight.

$12,000$ units were on hand at the end of the month.

Problem $8-5($Algo$)$ Part $1$

Required:

Calculate January's ending inventory and cost of goods sold for the month using FIFO, periodic system.