[The following information applies to the questions displayed below.] Ferris Company began January with 5,000 units of its principal product. The cost of each unit is $8. Merchandise transactions for the month of January are as follows: Date of Purchase Jan. 10 Jan. 18 Units 3,000 5,000 8,000 Purchases Unit Cost Total Cost $27,000 50,000 77,000 Totals * Includes purchase price and cost of freight. Date of Sale W 2,000 1,000 3,000 Jan. 20 7,000 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 Available for Sale Cost of Goods Sold - Periodic FIFO Ending Inventory - Periodic FIFO FIFO Cost per Cost per Cost of Goods # of units unit Available for Sale 5.000 $ 8.00 $ 40.000 # of units sold Cost of Goods Sold Cost per unit # of units in ending inventory unit Ending Inventory $ 8.00 $ 0 8.00 $ 0 Beginning Inventory Purchases: January 10 January 18 Total 3,000 S 9.00 27.000 S bo 9.00 0 $ 9.00 0 $ 10.00 50.000 S ito 0 5.000 13.000 $ 10.00 0 CD 1 $ C 117.000 $ 0 0