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 Units January 10 3,000 Purchases Unit Cost* $ 7 Total Cost January 18 4,000 8 $ 21,000 32,000 Totals 7,000 $ 53,000 * Includes purchase price and cost of freight. Sales Date of Sale Units January 5 2,000 January 12 1,000 January 20 3,000 Total 6,000 5,000 units were on hand at the end of the month. Problem 8-5 (Algo) Part 5 5. Calculate January's ending inventory and cost of goods sold for the month using Average cost, perpetual system. Note: Round average cost per unit to 4 decimal places. Enter sales with a negative sign. Cost of Goods Sold Inventory on hand Perpetual Average Number of units Cost per unit Inventory Value Number of units sold Average Cost per unit Cost of Goods Sold Beginning Inventory 4,000 $ 0 Sale - January 5 (2,000) 0 2,000 $ 0.0000 $ 0 Subtotal Average Cost 2,000 0 - Purchase January 10 3,000 7.0000 21,000 Subtotal Average Cost 5,000 21,000 Sale - January 12 (1,000) 0 1,000 $ 0.0000 $ 0 Subtotal Average Cost 4,000 21,000 - Purchase January 18 4,000 0 Subtotal Average Cost 8,000 21,000 Sale - January 20 (3,000) 0 3,000 $ 0.0000 0 Total 5,000 $ 21,000 6,000 $ 0