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A company began January with 4,000 units of its principal product. The cost of each...

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Accounting

A company began January with 4,000 units of its principal product. The cost of each unit is $6. Inventory transactions for the month of January are as follows:
Date of Purchase Purchases
Units Unit Cost*Footnote asterisk Total Cost
January 103,000 $ 7 $ 21,000
January 184,000832,000
Totals 7,000 $ 53,000
*Footnote asterisk Includes purchase price and cost of freight.
Sales
Date of Sale Units
January 52,000
January 121,000
January 203,000
Total 6,000
5,000 units were on hand at the end of the month.
Required:
1. Calculate January's ending inventory and cost of goods sold for the month using FIFO, periodic system.

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