Ferris Company began January with 7,000 units of its principal product. The cost of each unit is $7. Merchandise transactions for the month of January are as follows: Date of Purchase Jan. 10 Jan. 18 Totals Units 6,000 7,000 13,000 Purchases Unit Cost $ 8 9 Total Cost $ 48,000 63,000 111,000 * Includes purchase price and cost of freight. Sales Date of Sale Jan. 5 Jan. 12 Jan. 20 Units 3,000 1,000 4,000 8,000 Total 12,000 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 # of units Goods Cost Available for Sale 7,000 $ 7.00 $ 49,000 # 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 6,000 $ 8.00 7,000 $ 9.00 20,000 48,000 63,000 160,000 $ $ 0 $