4 4 of 5 Book Required information [The following information applies to the questions displayed below] A company began January with 8,000 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 Units Purchases Unit Coste Total Cost January 10 6,000 $ 7 January 18 8,000 8 $ 42,000 64,000 Totals 14,000 $ 106,000 *Includes purchase price and cost of freight. Sales D Date of Sale Units erences January 5 4,000 January 12 2,000 January 201 4,000 Total 10,000 12,000 units were on hand at the end of the month. ces 4. Calculate January's ending inventory and cost of goods sold for the month using Average cost, periodic system. Cost of Goods Available for Sale Cost of Goods Sold - Average Cost Ending Inventory - Average Cost Average Cost Number of units Unit Cost Cost of Goods Available for Sale Number of units sold Average Cost per Unit Cost of Goods Sold Number of units in ending Average Cost per unit Ending Inventory Inventory Beginning Inventory Purchases: 8,000 $6.00 $ 48,000 January 10 January 18 6,000 $7.00 42,000 8,000 $ 8.00 64,000 Total 22,000 $ 154,000