Required information Problem 8-5 (Algo) Various inventory costing methods (L08-1,8-4) [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 8,000 14,000 Purchases Unit Cost Total cost $ 7 $ 42,000 64.000 105,000 * Includes purchase price and cost of freight Sales Date of Sale Jan. 5 Jan. 12 Jan. 20 Total Units 4.600 2,600 4.000 10,000 12.000 units were on hand at the end of the month Problem 8-5 (Algo) Part 3 at al system includes purchase price and cost of freight Sales Dute of Sale Jans Jan. 12 Jan. 20 4,000 2. 10,000 Total 2.000 units were on hand at the end of the month em 8-5 (Algo) Part 3 utate January ending inventory and cost of goods sold for the month using FIFO perpetuit system Cost of Goods Sold January Cost of Good Son January Cet af Goods Dolduruary 20 very and FIFO #of Cost per of units Cool Cet Casper of Com Cost of Gods Available for sale Cost of of Goods Cost Available for Sale 1.000 56.00 5 18.000 Cost of Goods Sold Cost of Good old Cards sold 6.00 600 S $ 5.00 8.00 ventory 0 5.000 700 7.00 8.00 7.00 8.00 7.00 300 7.00 8.00 y 10 ta O 8.000 42.000 54.000 154,000 8.00 22.000 5