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: Date of Purchase Jan, le Jan. 18 Totals Units 5, eee Purchases Unit Cost $9 10 5.ee Total Cost $ 45, eee 60, eee Sies, eee 11, eee * Includes purchase price and cost of freight Sales Date of Sale Jan. 5 Jan. 12 Jan. 20 Total Units 3,00 2,600 4,88e 9,800 8.000 units were on hand at the end of the month Problem 8-5 (Static) Part 2 2. Calculate January's ending inventory and cost of goods sold for the month using LIFO, periodic system. Cost of Goods Sold - Periodic LIFO Ending Inventory - Periodic LIFO LEO Cost of Goods Available for Sale Cost of Goods unit Available for Sale 0.000 $ 8.00 5 48,000 of units Cost per of units sold Cost per Cost of Goods Sold unit of units in ending inventory Cost pe unit Ending Inventory S 8.00 $ 8.00 Beginning Inventory Purchases January 10 January 18 Total $ 0.00 6,000 5 0.00 6,000 5 10.00 17,000 45,000 60,000 163.000 0.00 10.00 $ 5 $ 10.00 S