5 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 4,000 units of its principal product. The cost of each unit is $7 Merchandise transactions for the month of January are as follows: Date of Purchase Jan. 10 Jan. 18 Totals Unit 3,000 4,000 7.000 Purchases Unit Cont $ 9 Total cost 524.000 36,000 50,000 Includes purchase price and cost of freight Date of baie Jan 5 Jan. 12 Jan 20 Total 2,000 1.000 3,000 6,000 5000 units were on hand at the end of the month 2. Calculate January's ending memory and cost of goods sold for the monty using FIFO perpetual system Cost of Juary 12 Costo 20 of Cool Costout le Ose of Good Un Coco God of Ce Co old Dooded 4.000 17001 000 5 700 of unita Cooper sold end Odeo 700 0 7.00 0 1 17.00 By 00 0 of or 3.000 00 000 800 9.00 8.00 00 300 00 000 100 10.000 bol ol o 1 D