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: Date of Purchase Jan. 10 Jan. 18 Totals Unita 4,000 7,000 11,000 Purchases Unit Coat Total Cost $9 $ 36,000 10 70.000 106,000 * Includes purchase price and cost of freight Sales Date of Sale Jan. 5 Jan. 12 Jan. 20 Total Units 3,000 1.000 4,000 8,000 5 work Problem 8-5 (Algo) Part 2 2. Calculate January's ending inventory and cost of goods sold for the month using LIFO periodic system LIFO Cost of Goods Sold. Periode LFO Cost of Goods Available for Sale Cost of of units Cost per Goods unit Available for Sale 7,000 $8.00 $ 56,000 of units sold Cost per Cost of Goods Sold in ending Ending Inventory. Periodic UFO # of units Casper Ending Inventory $ 8.00 $ Beginning inventory Purchases: January 10 January 18 Total 8.00 4.000 $ 9.00 7,000 $10.00 18,000 36.000 70.000 162.000 $ 0.00 $ 10.00 5 $ $ 9.00 10.00