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[The following information applies to the questions displayed below.] Ferris Company began January with 6,000 units...

[The following information applies to the questions displayed below.]


Ferris Company began January with 6,000 units of its principal product. The cost of each unit is $8. Merchandise transactions for the month of January are as follows:

Purchases
Date of Purchase Units Unit Cost* Total Cost
Jan. 10 5,000 $ 9 $ 45,000
Jan. 18 6,000 10 60,000
Totals 11,000 $ 105,000


* Includes purchase price and cost of freight.

Sales
Date of Sale Units
Jan. 5 3,000
Jan. 12 2,000
Jan. 20 4,000
Total 9,000


8,000 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.

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