Wk 2 - Apply: Summative Assessment [due Day 7] 1 Part 1 of 5 Required Information [The following Information applies to the questions displayed below.] Saved 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 04:15:42 eBook Date of Purchase Jan. 10 Jan. 18 Totals Purchases Units Unit Cost* 3,000 $ 7 Total Cost $21,000 4,000 8 32,000 7,000 53,000 *Includes purchase price and cost of freight. Date of Sale Jan. 5 References Jan. 12 Jan. 20 Total Sales Units 2,000 1,000. 3,000 6,000 5,000 units were on hand at the end of the month. 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 FIFO # of units Cost per unit Cost of Goods Available for # of units sold Cost per unit Cost of Goods Sold Sale # of units in ending inventory Cost per unit Ending Inventory Beginning Inventory 4,000 $ 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 $ 8.00 32,000 S 8.00 0 $ 8.00 0 Total 11,000 S 77,000 2,000 $ 12,000 0 S 0