[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 $8. Merchandise transactions for the month of January are as follows: PurchasesDate of PurchaseUnits Unit Cost*Total CostJan. 106,000 $9 $54,000 Jan. 188,000 10 80,000 Totals14,000 134,000 * Includes purchase price and cost of freight. SalesDate of SaleUnits Jan. 54,000 Jan. 122,000 Jan. 205,000 Total11,000 11,000 units were on hand at the end of the month.3. Calculate January's ending inventory and cost of goods sold for the month using FIFO, perpetual system

Ferris Company began January with 8,000 units of its principal product. The cost of each unit is $8. Merchandise transactions for the month of January are as follows: Purchases Date of Purchase Units Unit Cost* Total Cost Jan. 10 6,000 $ 9 $ 54, 000 Jan. 18 8, 090 10 80, 000 Totals 14,000 134, 000 * Includes purchase price and cost of freight Sales Date of Sale Units Jan. 5 4,000 Jan. 12 2, 000 Jan. 20 5,000 Total 11, 000 11,000 units were on hand at the end of the month