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: Purchases Date of Purchase Units Unit Cost" Total Cost Jan. 10 5,000 $9 $ 45,000 Jan. 18 6,000 10 60,000 Totals 11,000 $105,000 * Includes purchase price and cost of freight. Sales Date of Sale Units Jan. 5 3,000 Jan. 12 2,000 Jan. 20 4,000 Total 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 Sold - January 5 Cost of Goods Sold - January 12 Cost of Goods Sold - January 20 Inventory Balance Perpetual FIFO: Cost of Goods Available for Sale Cost of #of Unit Goods units Cost Available for Sale 6,000 S 8.00 $ 48,000 # of units sold Cost per unit Cost of # of units Cost per Goods Sold sold unit Cost of # of units Cost per Goods Sold sold unit Cost of Goods Sold # of units in ending inventory Cost per unit Ending Inventory $ 8.00 $ 0 $ 8.00 $ 0 S 8.00 S 0 $ 8.00 $ 0 Beg. Inventory Purchases January 10 January 18 Total 45.000 9.00 0 5,000 6,000 17,000 9.00 10.00 0 0 9.00 10.00 9.00 10.00 0 0 0 9.00 10.00 Tolold 10.00 60,000 153,000 0 $ S 0 0 S S 0 0 $ 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 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 Inventory on hand Cost of Goods Sold # of units Cost per Inventory # of units Avg.Cost Cost of unit Value sold per unit Goods Sold 6,000 8.0000 $ 48,000 6,000 8.0000 48,000 12,000 96,000 3,000 8.0000 24,000 15,000 120,000 8,000 8.6250 69,000 23,000 189,000 6,000 8.6250 51,750 29,000 240,750 12,000 9.3125 111,750 41,000 $ 352,500 0 0