Wk 2 - Apply: Summative Assessment [due Day 7] Saved 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: 1 Date of Purchase Jan. 10 Units 6,000 Purchases Unit Cost* $ 9 Total Cost Part 1 of 5 Jan. 18 8,000 10 Totals 14,000 $ 54,000 80,000 134,000 11.11 points Date of Sale *Includes purchase price and cost of freight. Sales Units Jan. 5 4,000 Jan. 12 2,000 Jan. 20 5,000 eBook Total 11,000 References 11,000 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. Ending Inventory - Periodic FIFO Cost of Goods Available for Sale Cost of Goods Sold - Periodic FIFO FIFO # of units Cost per unit Cost of Goods # of units Available for sold Sale Cost per unit Cost of Goods Sold # of units in ending inventory Cost per unit Ending Inventory Beginning Inventory 8,000 $ 8.00 $ 64,000 $ 8.00 $ 8.00 Purchases: January 10 January 18 6,000 8,000 $10.00 $ 9.00 54,000 $ 9.00 80,000 $ 10.00 Total 22,000 $ 198,000 $ 9.00 $ 10.00 Help Sa