Required information Problem 8-5 (Algo) Various inventory costing methods [LOB-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: Date of Purchase Jan. 10 Jan, 18 Totals Purchases Units Unit Cost 5,000 Total Cost $40,000 6,000 9 11,000 54,000 94,000 Includes purchase price and cost of freight. Date of Sale Jan. 5 Jan. 12 Sales Units 3,000 2,000 4,000 9,000 Jan, 20 Total 8,000 units were on hand at the end of the month Problem 8-5 (Algo) Part 2 Jan, 20 Total 4,000 9,000 8,000 units were on hand at the end of the month. Problem 8-5 (Algo) Part 2 2. Calculate January's ending inventory and cost of goods sold for the month using LIFO, periodic system. Answer is complete but not entirely correct. Cost of Goods Available for Sale Cost of Goods Sold Periodic LIFO Ending Inventory Periodic LIFO LIFO Cost # of Cost of Goods units per # of units Available unit sold Cost per unit Cost of Goods Sold for Sale # of units in ending inventory Cost per unit Ending Inventory Beginning Inventory 6,000 $7.00 $ 42,000 6,000 $7.00 $ 42,000 0S 7.00 S 0 Purchases January 10 5,000 $8.00 40,000 January 18 6,000 $9.00 54,000 0$ 3,000 $ 8.00 9.00 24,000 2.000 $ 8.00 16.000 0 6,000 $ 9.00 54,000 Total 17.000 $ 136,000 9.000. $ 66,000 8,000 $ 70,000