[The following information applies to the questions displayed below.] Ferris Company began January with 8,000 units of its principal product. The cost of each unit is $6. Merchandise transactions for the month of January are as follows:

	Purchases
Date of Purchase	Units		Unit Cost*			Total Cost
Jan. 10	6,000		$	7			$	42,000
Jan. 18	8,000			8				64,000
Totals	14,000							106,000

* Includes purchase price and cost of freight.

Sales
Date of Sale	Units
Jan. 5	4,000
Jan. 12	2,000
Jan. 20	4,000
Total	10,000

12,000 units were on hand at the end of the month.

Calculate January's ending inventory and cost of goods sold for the month using FIFO, periodic system. (Answer where the blue triangles are)

Cost of Goods Available for Sale Cost of Goods Sold - Periodic FIFO Ending Inventory - Periodic FIFO FIFO # of units Cost per Cost of Goods Available for Sale # of units sold Cost per unit Cost of Goods Sold # of units in ending inventory Cost per unit Ending Inventory unit 8,000 $ 6.00 $ 48,000 $ 6.00 $ 0 $ 6.00 $ 0 Beginning Inventory Purchases: January 10 January 18 Total $ 7.00 $ 7.00 6,000 $ 7.00 8.000 $ 8.00 22,000 42,000 64,000 154,000 [ .. $ 8.00 $ 8.00 $ 0 $ 0 0 $