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 9,000 units of its principal product. The cost of each unit is $4. Merchand transactions for the month of January are as follows: Date of Purchase Jan. 1e Jan. 18 Totals Units 6,800 9, 15,800 Purchases Unit Cost" $ 5 6 Total cost $30,000 54,000 84,000 * Includes purchase price and cost of freight. Sales Date of Sale Jan. 5 Jan. 12 Jan. 20 Total Units 5,888 3, eee 6,000 14,000 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, periodic system. Check my work Date of Sale Jans Jan 12 Jan. 20 Total units 5,00 3.000 6.000 5 10,000 units were on hand at the end of the month Problem 8-5 (Algo) Part 1 7:10 Goods Story Required 1. Calculate January's song inventory and cost of goods sold for the month uting FIFO periodic byen Cost of Goods Available for Sale Cost of Goods Sold - Periodic FIFO Ending Inventory - Periodic Pro FIFO Cost of Cost per Goods #of units Cost per Cost of of unit Cost per of units Ending unit in ending Available for sold unit Inventory Sale Beginning inventory 0.000 $400 S 36.000 400 0 $ 0 400 Purchase 6000 $ 5.00 30.0001 January 10 OP 500 o >> 5.00 9.000 55.00 5.000 000 S January 18 800 O 24,000 S 120.000 Total 0 5 $ 0 S