Week 7: Homework Saved 9 [The following information applies to the questions displayed below.] Ferris Company began January with 9.000 units of its principal product. The cost of each unit is $4. Merchandise transactions for the month of January are as follows: Part 1 of 2 5 points Date of Purchase Jan. 18 Jan. 18 Totals Units 6,000 9.680 15.00 Purchases Unit Cost $ 5 6 Total Cost $30,000 54, cee 84,600 eBook * Includes purchase price and cost of freight Sales Date of Sale Jan. 5 Jan. 12 Jan. 20 Total Units 5,888 3.ee 6.ee 14.00 Print References 10,000 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. Cost of Goods Sold - January 5 Cost of Goods Sold - January 12 Cost of Goods Sold - January 20 Inventory Balance Perpetual FIFO: Cost per Cost of Goods Available for Sale Cost of #of Unit Goods units Cost Available for Sale 9,000 $ 4.00 $ 36,000 #of units sold Cost per # of units Cost per sold unit Cost of Goods Sold # of units Cost per sold unit unit Cost of Goods Sold Cost of Goods Sold #of units in ending inventory unit Ending Inventory $ 4.00 $ 4.00 $ 4.00 $ 4.00 $ 0 Beg. Inventory Purchases: January 10 January 18 Total 6,000 9,000 5.00 8.00 30,000 54,000 120,000 5.00 6.00 5.00 6.00 0 0 5.00 8.00 5.00 6.00 0 24,000