Ferris Company began January with 7,000 units of its principal product. The cost of each unit is $8. Merchandise transactions for the month of January are as follows: Purchases Unit Cost* Date of Purchase Jan. 10 Jan. 18 Totals Units 4,000 7,000 11,000 10 Total Cost $ 36,000 70,000 106,000 * Includes purchase price and cost of freight. Sales Date of Sale Jan. 5 Jan. 12 Jan. 20 Total Units 3,000 1,000 4,000 8,000 10,000 units were on hand at the end of the month. 4. Calculate January's ending inventory and cost of goods sold for the month using Average cost, periodic system. Cost of Goods Sold - Average Cost Ending Inventory - Average Cost Average Cost Cost of Goods Available for Sale Cost of Unit Goods # of units Cost Available for Sale 7,000 $ 8.00 $ 56,000 # of units sold Average Cost per Unit Cost of Goods Sold # of units in ending inventory Average Cost per unit Ending Inventory Beginning Inventory Purchases: January 10 January 18 Total 36,000 4,000 $ 9.00 7,000 $ 10.00 18,000 70,000 162,000 $ 0 $ 0 1