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: Date of Purchase Jan. 10 Jan. 18 Totals Units 3, eee 4, eee 7, eee Purchases Unit costs $ 9 10 Total Cost $27,000 40,000 67,080 * Includes purchase price and cost of freight. Sales Date of Sale Jan. 5 Jan. 12 Jan. 20 Total Units 2,000 1, eee 3,000 6,000 5.000 units were on hand at the end of the month. oblem 8-5 (Algo) Part 1 quired: Calculate January's ending Inventory and cost of goods sold for the month using FIFO, periodic system. Answer is complete but not entirely correct. Cost of Goods Sold - Periodic FIFO Ending Inventory - Periodic FIFO FIFO Cost of Goods Available for Sale Cost of Cost #of Goods units per Available unit for Sale 4,000 S 8.00 32.000 #of units sold Cost per unit Cost of Goods Sold # of units in ending inventory Cost per unit Ending Inventory 0X S 8.00 S 0 4.000 XS 8.00 S 32,000 Beginning Inventory Purchases: January 10 January 18 Total 3,000 27,000 IS 9.00 18.000 1,000 s 9.00 9.000 S 9.00 S 10.00 2,000 4,000 4.000 40,000 S 10.00 40,000 0 S 10.00 0 11.000 S 99,000 6,000 $ 58,000 5.000 S 41.000