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 7,000 units of its principal product. The cost of each unit is $8. Merchandise transactions for the month of January are as follows: Purchases Unit Cost Date of Purchase Jan. 10 Jan. 18 Totals Units 4,000 7, eee 11,eee 10 Total Cost $36,80 79, eee 186, eee Includes purchase price and cost of freight. Sales Date of Sale Jan. 5 Jan. 12 Jan. 20 Total Units 3,080 1,200 4,000 8, eee 10,000 units on hand at the end of the month. Problem 8-5 (Algo) Part 1 Date of Sale Jan. 5 Jan. 12 Jan. 29 Total Units 3, eee 1,080 4,000 8,000 10,000 units were on hand at the end of the month. Problem 8-5 (Algo) Part 1 Required: 1. Calculate January's ending Inventory and cost of goods sold for the month using FIFO, perlodic system. Ending Inventory - Periodic FIFO FIFO Cost of Goods Available for Sale Cost of Goods Sold - Periodic FIFO Cost of Cost per Goods # of units Cost per Cost of # of units unit Available for sold unit Sale # of units Goods Sold in ending Cost per unit Ending Inventory inventory 7.000 $ 8.00 $ 56,000 s 8.00 s 0 $ 8.00 $ 0 Beginning Inventory Purchases: January 10 January 18 Total 4,000 $ 9.00 0 $ 9.00 0 $ 9.00 $ 10.00 36.000 70,000 162,000 S 10.00 s 10.00 7.000 18,000 0 0 0 s 0 $ 0 0