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 6.000 units of its principal product. The cost of each unit is $7 Merchandise transactions for the month of January are as follows Purchases Date of Purchase shits Unit Cost Jan. 10 5,000 58 Jan. 10 6,000 9 Totals 11,000 Total Cost $40,000 54,000 94,000 "Includes purchase price and cost of freight Sales Date of Sale Units Jan. 5 3,000 Jan. 12 2,000 Jan, 20 Total 4,000 9,000 8.000 units were on hand at the end of the month. Problem 8-5 (Algo) Part 3 3. Calculate January's ending inventory and cost of goods sold for the month using FIFO, perpetual system Includes purchase price and cost of freight Sales Date of Sale Units Jan. 5 3,000 Jan. 12 2,000 Jan, 20 Total 9,000 8.000 units were on hand at the end of the month Problem 8-5 (Algo) Part 3 3. Calculate January's ending inventory and cost of goods sold for the month using FIFO, perpetual system Cast of Goods Available for Sale Cost of Goods Sold January 5 Cost of Goods Solid January 12 Cost of Goods Sold January 20 Inventory Balance Perpetual FIFO Fat units Unit Co Cost of Goods Available for Sale Fot units sold Cost per unit Cost of Goods Sold of units Cost per sold unit Cost of Goods Sold of units Cost per unit sold Cost of Goods Solt of units in ending inventory Cost per unit Ending Inventory Beg Inventory 6.000 $ 7.00 $ 42.000 $ 700 S 0 S 7.00 $ 0 S 7.00 $ 0 7.00 $ Purchases January 10 5.000 8.00 40.000 8.00 0 8.00 B 0.00 O 8.00 0 January 18 6.000 9.00 54,000 900 9.00 9.00 0 9.00 0 Total 17.000 S 136,000 0 $ O S 10 0 $ 0 0 S 0