[The following information applies to the questions displayed below.] Ferris Company began January with 6,000 units of its principal product. The cost of each unit is $7. Merchandise transactions for the month of January are as follows: Date of Purchase Jan. 10 Jan. 18 Totals Unita 5,000 6,000 11,000 Purchases Unit Cost $ 8 9 Total Cost $40,000 54,000 94,000 Includes purchase price and cost of freight Sales Date of Sale Jan. 5 Jan. 12 Jan. 20 Total Units 3,000 2,000 4,000 9,000 8.000 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 FIFO Cost of Goods Available for Sale Cost of Goods unit Available for Sale 6,000 $ 7.00 $ 42,000 of units Cost per # of units sold Cost per unit Cost of Goods Sold Ending Inventory. Periodic FIFO # of units Cost per Ending In ending unit Inventory Inventory $ 7.00 s 7.00 Beginning Inventory Purchases: January 10 January 18 Total 8.00 5,000 $ 8.00 6,000 $ 9.00 17,000 8.00 40,000 54,000 136,000 $ $ $ $ 9.00 9.00 $