3 1 of 5 Required Information Problem 8-5 (Static) Various inventory costing methods [LO8-1,8-4) 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 Unit Cost Total cost Jan. 10 59 $45.000 10 Totals $125,00 Print Includes purchase price and cost of freight 3. Total 8,000 units were on hand at the end of the month Problem 8-5 (Static) Part 1 Required: 1. Calculate January's ending inventory and cost of goods sold for the month using FIFO periodic system Endling Inventory - Periode FIFO Cost of Goods Available for Sale Cost of Goods Sold - Periodic FIFO Cost of Goods of units Cost per Cost of Available for of units Cost per Goods sin ending Ending Inventory inventory 6.000 3 8.00 S 48.000 $ 8.00 5 Beginning loventory Purchases January 10 January 10 Total $ 6.000 5 9.00 0.000 $10.00 17.000 45.000 00.000 3 5 $ 10.00 10.00 5