5. Required information (The following information applies to the questions displayed below.) Ferris Company began January with 4,000 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. 10 Jan. 18 Totals Units 3,000 4,000 7,000 Purchases Unit Cost* $ 9 10 Total Cost $27,000 40,000 67,000 * Includes purchase price and cost of freight. Sales Date of Sale Jan. 5 Jan. 12 Jan. 20 Total Units 2,000 1,000 3,000 6,000 5,000 units were on hand at the end of the month. 5. Calculate January's ending inventory and cost of goods sold for the month using Average cost, perpetual system. (Round average cost per unit to 4 decimal places. Enter sales with a negative sign.) Inventory on hand Cost of Goods Sold Perpetual Average Cost per # of units Inventory Value # of units sold Avg.Cost per unit Cost of Goods Sold unit Beginning Inventory Sale - January 5 Subtotal Average Cost Purchase - January 10 Subtotal Average Cost Sale - January 12 Subtotal Average Purchase - January 18 Subtotal Average Cost Sale - January 20 Total