Required information Problem 8-5 (Static) Various inventory costing methods [LO8-1, 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 $8. Merchandise transactions for the month of January are as follows: Purchases Unit Cost $ 9 Date of Purchase Units Total Cost 5,000 6,000 45,000 Jan. 10 Jan. 18 10 60,000 $105,000 Totals 11,000 *Includes purchase price and cost of freight. Sales Date of Sale Units Jan. 5 3,000 2,000 Jan. 12 Jan. 20 4,000 Total 9,000 8,000 units were on hand at the end of the month. Problem 8-5 (Static) Part 3 3. Calculate January's ending inventory and cost of goods sold for the month using FIFO, perpetual system. Inventory Balance Cost of Goods Available for Sale Cost of Goods Sold - January 5 Cost of Goods Sold - January 12 Cost of Goods Sold - January 20 Cost of Goods Available for Sale Perpetual FIFO: # of units #of Unit # of units Cost of Goods Sold # of units sold Cost per unit Cost of Goods Sold Cost per unit Ending Inventory of Cost per unit Cost of Goods Sold Cost per unit units sold in ending inventory Cost units sold 0.00 $ Beg. Inventory 0 $ 0 0.00 $ 0 0.00 $ 0 8.00 $ 0 Purchases: January 10 0.00 0 0.00 0 0.00 0 0.00 0 January 18 0 0.00 0 0.00 0 0.00 0.00 0 0 0 $ 0 $ 0 0 $ 0 Total 0 0