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

A company began January with $8,000$ units of its principal product. The cost of each unit is $$9.$ Inventory transactions for the month of January are as follows:

Date of Purchase Purchases

Units Unit Cost$*$Footnote asterisk Total Cost

January $105,000$ $ $10$ $ $50,000$

January $188,0001188,000$

Totals $13,000$ $ $138,000$

$*$Footnote asterisk Includes purchase price and cost of freight.

Sales

Date of Sale Units

January $53,000$

January $123,000$

January $204,000$

Total $10,000$

$11,000$ 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.