[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 64,00 Totals 14, 186,eee * Includes purchase price and cost of freight, Sales Date of Sale Jan. 5 Jan. 12 Jan. 20 Total Units 4,eee 2.000 4,000 10,00 12.000 units were on hand at the end of the month Sblem 8-5 (Algo) Part 1 Includes purchase price and cost of freight Datut Sale an 5 Jan. 12 Jan. 20 Total 4.000 2.ee 4. 10.000 12,000 unts were on hand at the end of the month Problem 8-5 (Algo) Part 1 Required: 1. Calculate January's ending inventory and cost of goods sold for the month using FIFO periodic system Costabos Avatable for Sale Contot Goods Sold Periode FIFO Cost of Cost per Good of units Cost per Cost of Avtor solid Goods Sold 18,000 $0.00 $ 48.000 $ Ending very - Periode FIFO of units Couper Einu in ending wil wory $ 6.00 6.00 Begegnentory Path January 10 Jawy Tot 6,000 57.00 3.000 3 8.00 22.000 42.000 54,000 154,000 S 5 700 8.00 5 5 7.00 8.00 $