8-5 (Algo) Various inventory costing methods [LO8-1, 8-4] Skip to question [The following information applies to the questions displayed below.] A company began January with 8,000 units of its principal product. The cost of each unit is $8. Inventory transactions for the month of January are as follows: Date of Purchase Purchases Units Unit Cost*Footnote asterisk Total Cost January 10 6,000 $ 9 $ 54,000 January 18 8,000 10 80,000 Totals 14,000 $ 134,000 *Footnote asterisk Includes purchase price and cost of freight. Sales Date of Sale Units January 5 4,000 January 12 2,000 January 20 5,000 Total 11,000 11,000 units were on hand at the end of the month. Problem 8-5 (Algo) Part 2 2. Calculate January's ending inventory and cost of goods sold for the month using LIFO, periodic system