[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 Purchases Units Unit Cost 5,000 $8 6,000 9 11,000 Includes purchase price and cost of freight. Sales Date of Sale Units Jan. 5 3,000 Jan. 12 2,000 Jan. 20 Total 4,000 9,000 8,000 units were on hand at the end of the month. Total Cost $40,000 54,000 94,000 2. Calculate January's ending inventory and cost of goods sold for the month using LIFO, periodic system.