Ferris Company began January with 8,000 units of its principal product. The cost of each unit is $9. Merchandise transactions for the month of January are as follows: Date of Purchase Jan. 10 Jan. 18 Totals Units 5,000 8,000 13,000 Purchases Unit Cost* $ 10 11 Total Cost $ 50,000 88,000 138,000 * Includes purchase price and cost of freight. Sales Date of Sale Jan. 5 Jan. 12 Jan. 20 Units 3,000 3,000 4,000 10,000 Total 11,000 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. Ending Inventory - Average Cost Average Cost Cost of Goods Available for Sale Cost of Goods Sold - Average Cost Cost of Goods Unit Average # of units Cost of # of units Cost Available for sold Cost per Unit Goods Sold Sale 8,000 $ 9.00 $ 72,000 # of units in ending inventory Average Cost per unit Ending Inventory Beginning Inventory Purchases: January 10 January 18 50.000 5.000 $ 10.00 8,000 $ 11.00 21,000 88,000 210,000 Total $ $ $ $ $ 0