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*			Total Cost
Jan. 10	3,000		$	9			$	27,000
Jan. 18	4,000			10				40,000
Totals	7,000							67,000

* Includes purchase price and cost of freight.

Sales
Date of Sale	Units
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.

5. Calculate January's ending inventory and cost of goods sold for the month using Average cost, perpetual system. (Round average cost per unit to 4 decimal places. Enter sales with a negative sign.) Perpetual Average Answer is not complete. Inventory on hand Cost of Goods Sold Cost # of # of Cost of Inventory Avg.Cost units per units Goods Value unit sold per unit Sold 4,000 8.0000 $ 32,000 (2,000) 8.0000 (16,000) 2,000 $ 8.0000 $ 16,000 2,000 8.0000 16,000 3,000 9.0000 27,000 Beginning Inventory Sale - January 5 Subtotal Average Cost Purchase - January 10 Subtotal Average Cost Sale - January 12 Subtotal Average Cost Purchase - January 18 Subtotal Average Cost Sale - January 20 Total 5,000 (1,000) 43,000 0 1,000 $ 0.0000 0 4,000 8.0000 43,000 4,000 10.0000 40,000 8.0000 83,000 8,000 (3,000) 5,000 $ 0.0000 3,000 6,000 $ 83,000 $ 16,000