(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 $9. Merchandise transactions for the month of January are as follows: Date of Purchase Jan. 10 Jan. 18 Totals Units 5,000 6,000 11,000 Purchases Unit Cost $ 10 11 Total Cost $50,000 66,000 116.000 * Includes purchase price and cost of freight. Sales Date of Sale Jan. 5 Jan. 12 Jan. 20 Units 3,000 2.000 4.000 9.000 Total 8,000 units were on hand at the end of the month. Award: 6.25 points 3. Calculate January's ending inventory and cost of goods sold for the month using FIFO, perpetual system. Cost of Goods Available for Sale Cost of Goods Sold - January 5 Cost of Goods Sold - January 12 Cost of Goods Sold - January 20 Inventory Balance Perpetual FIFO: # of Unit Cost per Cost of Goods Available for Sale Cost per # of units sold Cost of Goods Sold # of units Cost per sold of units Cost per sold unit Cost of Goods Sold unit Cost of Goods Sold # of units in ending inventory Ending Inventory units Cost unit unit 6,000 $ 9.00 $ 54.000 $ 9.00 $ 9.00 $ 9.00 $ 9.00 $ 0 Beg. Inventory Purchases: January 10 January 18 Total 50,000 10.00 0 5,000 6,000 17,000 10.00 11.00 10.00 11.00 10.00 11.00 10.00 11.00 11.00 0 66,000 170.000 $