A company began January with 7,000 units of its principal product. The cost of each unit is $7. Inventory transactions for the month of January are as follows: Date of Purchase Units January 10 6,000 Purchases Unit Cost $ 8 Total Cost $ 48,000 January 18 7,000 9 63,000 Totals 13,000 $111,000 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. 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.