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 Units January 10 6,000 Purchases Unit Cost $ 7 Total Cost January 18 7,000 8 Totals 13,000 $ 42,000 56,000 $ 98,000 * Includes purchase price and cost of freight. Sales Date of Sale Units January 5 3,000 January 12 3,000 January 20 4,000 Total 10,000 10,000 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. Answer is complete but not entirely correct. Cost of Goods Available for Sale Cost of Goods Sold - Average Ending Inventory - Average Cost Cost Cost of Number Average Cost Number of units Unit Cost Goods Available Number of units sold Average for Sale Cost per Unit Cost of Goods Sold of units in ending inventory Average Cost Ending Inventory per unit Beginning Inventory 7,000 $6.00 $ 42,000 Purchases: January 10 6,000 $7.00 42,000 January 18 7,000 $8.00 56,000 Total 20,000 $ 140,000 0 S 0.00 $ 0 0 0.00 0