[The following information applies to the questions displayed below.] Ferris Company began January with 4,000 units of its principal product. The cost of each unit is $8. Merchandise transactions for the month of January are as follows: Purchases Date of Purchase Units Unit Cost* Total Cost Jan. 10 3,000 $ 9 $ 27,000 Jan. 18 4,000 10 40,000 Totals 7,000 67,000 * Includes purchase price and cost of freight. Sales Date of Sale Units Jan. 5 2,000 Jan. 12 1,000 Jan. 20 3,000 Total 6,000 5,000 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. Ending Inventory - Periodic FIFO FIFO Cost per Cost of Goods Available for Sale Cost of Goods Sold - Periodic FIFO Cost of Goods # of units # of units Cost per Cost of unit Available for sold unit Goods Sold Sale 4,000 $ 8.00 $ 32,000 $ 8.00 Cost per # of units in ending inventory unit Ending Inventory $ 8.00 Beginning Inventory Purchases: January 10 January 18 Total $ 9.00 3,000 $ 9.00 4,000 $10.00 11,000 27,000 40,000 99.000 $ $ 9.00 10.00 $ 10.00 $