Problem $8-5($Static$)$ Various Inventory costing methods $[$LO$8-1,8-4]$

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

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

$\backslash$table$[[,$Purchases$],[$Date of Purchase,Units,Init cost,$10*$al Cost$],[$January $10,5,800,39,$$ $45,000],[$January $18,6,000,18,60,$ B$0$o$],[$Totals$,11,000,,]]$

Includes purchase price and cost of freight.

$\backslash$table$[[$Sales$],[$Date of Sale,Units$],[$January $5,3,000],[$January $12,2,000],[$January $20,4,000],[$Total$,9,000]]$

$8,000$ units were on hand at the end of the month.

Problem $8-5($Static$)$ Part $1$

Required:

Calculate January's ending inventory and cost of goods sold for the month using FIFO, periodic system.