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: Purchases Unit Cost Date of Purchase Jan. 10 Jan. 18 Totals Units 6,000 7,000 13,000 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 Total Units 3,000 1,000 4,000 8,000 12,000 units were on hand at the end of the month. 1. 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 # of units Unit Goods Cost Available for Sale 7,000 $ 7.00 $ 49,000 Cost of Goods Sold - Average Cost # of units Average Cost of Cost per sold Goods Sold Unit Ending Inventory - Average Cost # of units Average Ending in ending Cost per Inventory inventory unit Beginning Inventory Purchases: January 10 January 18 Total 6,000 $ 8.00 7,000 $ 9.00 20,000 48,000 63,000 160,000 $