Wk 2 - Apply: Summative Assessment (due Day 7] Saved 1 Required information [The following information applies to the questions displayed below.) Part 1 of 5 Ferris Company began January with 4,000 units of its principal product. The cost of each unit is $6. Merchandise transactions for the month of January are as follows: 11.11 points Date of Purchase Jan. 18 Jan. 18 Totals Units 3,000 4.000 7,800 Purchases Unit Cost $ 7 B Total Cost $21,000 32,888 53,000 8 04.15:42 * Includes purchase price and cost of freight eBook References Sales Date of Sale Jan. 5 Jan. 12 Jan. 20 Total Units 2,000 1,888 3,eee 6,000 5.000 units were on hand at the end of the month. Cost per Required: 1. Calculate January's ending Inventory and cost of goods sold for the month using FIFO, periodic system. Cost of Goods Available for Sale Cost of Goods Sold - Periodic FIFO Ending Inventory - Periodic FIFO Cost of FIFO Cost Goods #of units # of units # of units Cost per Cost of Ending per unit Available for sold in ending Goods Sold unit Inventory Sale inventory Beginning Inventory 4.000 S 6.00 S 24,000 2.000 S 8.00 $ 12,000 $ 6.00 S 0 Purchases: January 10 3.000 $ 7.00 21,000 S 7.00 0 $ 7.00 0 January 18 4.000 S 8.00 32.000 S 8.00 0 $ 8.00 0 Total 11.000 S 77,000 2.000 3 12.000 0 S 0 unit