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: Purchases Units Unit Cost* Total Cost Date of Purchase $ 10 $60,000 6,000 Jan. 10 8,000 88,000 11 Jan. 18 148,000 14,000 Totals Includes purchase price and cost of freight. Sales Units Date of Sale 3,000 3,000 4,000 Jan. 5 Jan. 12 Jan. 20 10,000 Total 12,000 units were on hand at the end of the month. 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.) Answer is complete but not entirely correct. Inventory on hand Cost of Goods Sold # of units Cost of Cost Perpetual Average #of Inventory Value Avg.Cost Goods per unit units per unit sold Sold Beginning Inventory $ 8,000 9.0000 72,000 $ 27,000 Sale January 5 Subtotal Average $ 9.0000 (3,000) 9.0000 (27,000) 3,000 5,000 9.0000 45,000 Cost Purchase - January 6,000 10.0000 60,000 10 Subtotal Average 11,000 9.5455 105,000 Cost Sale January 12 |(3,000) $11.0000 $ 11.0000(X 3,000 33,000 (33,000) Subtotal Average 8,000 9.5455 72,000 Cost Purchase January 11.0000 8,000 88,000 18 Subtotal Average Cost 11.0000(X 16,000 160,000 $ 11.0000 Sale January 20 (4,000) 4,000 11.0000 (44,000) 44,000 $116,000 $ 104,000 12,000 10,000 Total