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 Unit Cost Units 4,000 Jan. 18 $9 Total Cost $ 36,000 70,000 Jan. 18 7,000 10 Totals 11,000 106,000 *Includes purchase price and cost of freight Sales Date of Sale Units Jan. S 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. 10,000 units were on hand at the end of the month. Problem 8-5 (Algo) Part 5 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 unit Inventory Value # of units sold Avg.Cost per unit 7,000 Beginning Inventory Sale - January 5 7,000 7,000 Subtotal Average Cost Purchase - January 10 Subtotal Average Cost Sale - January 12 Subtotal Average Cost Purchase - January 18 7,000 7,000 Subtotal Average Cost Sale - January 20 Total 7,000 8.0000 $ 8.0000 8.0000 56,000 0 56,000 0 56,000 0 56,000 0 56,000 0 $ 56,000 0 Cost of Goods Sold $ 0