Ferris Company began January with 4,000 units of its principal product. The cost of each unit is $8. Merchandise transactions for the month of January are as follows: Purchases Date of Purchase Units Unit Cost Jan. 10. 3,000 $ 9 Jan. 18 4,000 10 Totals 7,000 Total Cost $27,000 40,000 67,000 Includes purchase price and cost of freight. Sales Date of Sale Unita Jan. 5 2,000 Jan. 12 1,000 Jan. 20 3,000 Total 6,000 5,000 units were on hand at the end of the month. Cost of Goods Available for Sale Average Cost # of units Unit Cost Cost of Goods # of units Available for sold Sale Problem 8-5 (Algo) Part 4 4. Calculate January's ending inventory and cost of goods sold for the month using Average cost, periodic system. Ending Inventory Average Cost Average Cost per unit Ending Inventory Cost of Goods Sold - Average Cost Average Cost per Unit Cost of Goods Sold # of units in ending Inventory Beginning Inventory 4,000 $ 8.00 $ 32,000 Purchases: January 10 January 18 Total 3,000 $ 9.00 27,000 4,000 $10.00 40,000 11,000 $ 99,000 0 $ 0