0 Required Information Problem 8-5 (Algo) Various Inventory costing methods (LO8-1,8-4) [The following information applies to the questions displayed below) Ferris Company began January with 8,000 units of its principal product. The cost of each unit is $6. Merchandise transactions for the month of January are as follows Date of Purchase Jan. 10 Jan. 18 Totals Units 6,000 3,000 14,000 Purchases unit cost $7 Total cost $ 42,000 64,000 106,000 Includes purchase price and cost of freight Units Sales Date of Sale Jan. 5 Jan. 12 Jan. 20 Total 4,000 2,000 3,000 10,000 12,000 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 Cost of Goods Sold - Periodic LIFO LEO Cost of Goods Available for Sale Cost of # of units Cost per Goods unit Available for Sale 8,000 $6.005 48.000 # of units sold Cost per Cost of unit Goods Sold in ending Ending Inventory - Periodic UFO # of units Cost per Ending unit Inventory inventory $ 600 5 600 Beginning Inventory Purchases January 10 January 18 Total $ 3 6.000) $ 7.00 8,000 $.800 22,000 42.000 64.000 $154.000 7.00 8.00 7.00 8.00 $ 5