Ferris Company began January with 6,000 units of its principal product. The cost of each unit is $8. Merchandise transactions for the month of January are as follows: Date of Purchase Jan. 10 Jan. 18 Totals Units 5,000 6,000 11,000 Purchases Unit Cost* $ 9 10 Total Cost $ 45,000 60,000 $105,000 * Includes purchase price and cost of freight. Sales Date of Sale Jan. 5 Jan. 12 Jan. 20 Total Units 3,000 2,000 4,000 9,000 8,000 units were on hand at the end of the month. 3. Calculate January's ending inventory and cost of goods sold for the month using FIFO, perpetual system. Cost of Goods Available for Sale Cost of Goods Sold - January 5 Cost of Goods Sold - January 12 Cost of Goods Sold - January 20 Inventory Balance Perpetual FIFO: # of units Unit Cost Cost of Goods Available for Sale # of units sold Cost per unit Cost of # of units Goods Sold sold Cost per unit Cost of Goods Sold # of units Cost per sold unit Cost of Goods Sold # of units in ending inventory Cost per unit Ending Inventory Beg. Inventory 6,000 $ 8.00 $ 48,000 $ 8.00 $ 0 $ 8.00 $ 0 $ 8.00 $ 0 $ 8.00 $ 0 Purchases 5,000 9.00 45,000 9.00 0 9.00 0 9.00 0 9.00 January 10 January 18 oo 6.000 10.00 60,000 10.00 0 10.00 0 10.00 0 10.00 Total 17,000 $ 153,000 0 $ 0 0 $ 0 0 $ 0 $ 0 Ferris Company began January with 6,000 units of its principal product. The cost of each unit is $8. Merchandise transactions for the month of January are as follows: Date of Purchase Jan. 10 Jan. 18 Totals Units 5,000 6,000 11,000 Purchases Unit Cost $ 9 10 Total Cost $ 45,000 60,000 $105,000 * Includes purchase price and cost of freight. Sales Date of Sale Jan. 5 5 Jan. 12 Jan. 20 Total Units 3,000 2,000 4,000 9,000 8,000 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.) Inventory on hand Cost of Goods Sold Perpetual Average # of units Cost per Inventory unit Value # of units Avg.Cost sold per unit Cost of Goods Sold $ 0 0 0 0 0 0 0 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 0 0 0 0 0 0 0 0 $ 0 0 $ 0