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Ferris Company began January with 5,000 units of it prinipal product. The cost of each unit $8. Merchandise tractions of the month of January are as follows:

Required information [The following information applies to the questions displayed below.] Ferris Company began January with 5,000 units of its principal product. The cost of each unit is $8. Merchandise transactions for the month of January are as follows: . Date of Purchase Jan. 10 Jan. 18. Totals Sales Units 3,000 5,000 8,000 Date of Sale Jan, 5 Jan. 121 Jan. 20 Total Purchases Includes purchase price and cost of freight. Units 2,000 1,000 3,000 6,000 Unit Cost $9 10 7.000 units were on hand at the end of the month. Total Cost $27,000 50,000 77,000 Required: 1. Calculate January's ending inventory and cost of goods sold for the month using FIFO. periodic system. 7.000 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. FIFO Beginning Inventory Purchases: Total January 10 January 18 Cost of Goods Available for Sale Cost of Goods Available for Sale 5,000 $8.00 $ 40,000 #of units Cost per unit 3,000 $9.00 5,000 $10.00 13,000 $ 27,000 50,000 117,000 Cost of Goods Sold - Periodic FIFO #of units sold Cost per unit Cost of Goods Sold 0 $ $ $ 8.00 $ 9.00 10,00 $ 0 0 0 0 Ending Inventory - Periodic FIFO # of units in ending inventory 0 Cost per unit $ 8.00 $. S $ Ending Inventory 9.00 10.00 $ 0 0 10 0

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