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Ferris Company began 2011 with 6,000 units of its principal product. The cost of each unit is $8. Merchandise transactions for the month of January 2011 are as follows:——————————————————————————– Date of Purchase Units Unit Cost* Total Cost ——————————————————————————————————————————————————————————————————————————————————————————————————————————————————————————————————————————————————————————————————————————————————————————————————————————————————————————————————————————————————————————————————————————————————————————————————————————————————————————————————————————————————————————————————————————————————————————————————————————————————————————————————————————–* Includes purchase price and cost of freight.Sales ——————————————————————————– Date of Sale Units ——————————————————————————————————————————————————————————————————————————————————————————————————————————————————————————————————————————————————————————————————————————————————————————–8,000 units were on hand at the end of the month. Required: Calculate January’s ending inventory and cost of goods sold for the month using each of the following alternatives (Omit the “$” sign in your response):Alternative Ending Inventory Cost of Goods Sold ——————————————————————————–Check My WorkReferencesWorksheet Learning Objective: 08-01 Explain the difference between a perpetual inventory system and a periodic inventory system. Learning Objective: 08-04 Differentiate between the specific identification, FIFO, LIFO, and average cost methods used to determine the cost of ending inventory and cost of goods sold.