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
Date of Purchase	Units		Unit Cost*			Total Cost
Jan. 10	4,000		$	9			$	36,000
Jan. 18	7,000			10				70,000
Totals	11,000							106,000

* Includes purchase price and cost of freight.

Sales
Date of Sale	Units
Jan. 5	3,000
Jan. 12	1,000
Jan. 20	4,000
Total	8,000

10,000 units were on hand at the end of the month.

. Calculate January's ending inventory and cost of goods sold for the month using Average cost, perpetual system