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: Date of Purchase Jan. 10 Jan. 18 Totals Units 4,000 7,000 11,000 Purchases Unit Cost $ 9 10 Total Cost $ 36,000 70,000 106,000 * Includes purchase price and cost of freight es 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 Average Cost Cost of Goods Available for Sale Cost of Goods Sold - Average Cost Cost of Unit Average # of units Goods # of units Cost of Cost Available for sold Cost per Unit Goods Sold Sale 7,000 $ 8.00 $ 56,000 Ending Inventory - Average Cost # of units Average Ending in ending Cost per inventory unit Inventory Beginning Inventory Purchases January 10 January 18 Total 4,000 $ 9.00 7,000 $10.00 18,000 36,000 70,000 162,000 $ $ 0