A company began January with 7,000 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 January 10 January 18 Units 6,000 7,000 Purchases Unit Cost* $ 7 Total Cost 8 $ 42,000 56,000 Totals 13,000 $ 98,000 *Includes purchase price and cost of freight. Sales Date of Sale Units January 5 3,000 January 12 1,000 January 20 4,000 Total 8,000 12,000 units were on hand at the end of the month. 4. Calculate January's ending inventory and cost of goods sold for the month using Average cost, periodic system. Cost of Goods Available for Cost of Goods Sold - Average Sale Ending Inventory - Average Cost Cost Average Cost Number of units Unit Cost Cost of Goods Available for Sale Number Number of units sold Average Cost per Unit Cost of of units Goods Sold Average Cost in ending inventory per unit Ending Inventory 7,000 $6.00 $ 42,000 Beginning Inventory Purchases: January 10 6,000 $7.00 42,000 January 18 7,000 $8.00 56,000 Total 20,000 $ 140,000 Red text indicates no response was expected in a cell or a formula-based 8,000 IS 6.13 $ 49,040 12,000 7.58 $ 90,960 culation in incorrect: no points deducted