Chapter 8. HW - Problems 5 5 Part 5 of 5 points Saved [The following information applies to the questions displayed below.) A company began January with 8,000 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 Purchases Unit Cost* Total Cost January 10 6,000 $ 8 January 18 8,000 9 $ 48,000 72,000 Totals 14,000 $ 120,000 eBook * Includes purchase price and cost of freight. Print References Sales Date of Sale Units January 5 4,000 January 12 2,000 January 20 Total 5,000 11,000 11,000 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. Note: Round average cost per unit to 4 decimal places. Enter sales with a negative sign. Inventory on hand Cost of Goods Sold Perpetual Average Number of units Cost per unit Inventory Valuo Number of units sold Average Cost per unit Cost of Goods Sold Beginning Inventory 8,000 Sale - January 5 (4.000) Subtotal Average Cost Purchase January 10 7.0000 $ 56,000 7.0000 (28,000) 4,000 7.0000 28,000 4,000 S 7.0000 $ 28,000 Subtotal Average Cost 6,000 10,000 8.0000 48,000 76,000 Sale - January 12 (2,000) 0 2,000 S 0.0000 $ Subtotal Average Cost 8,000 76,000 Purchase - January 18 8,000 9.0000 Subtotal Average Cost 16,000 72.000 148,000 Sale January 20 (5,000) D Total 11.000 $ 148,000 5,000 S 0.0000 11,000 0 $ 28,000 Hel