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
Date of Purchase	Units		Unit Cost*	Total Cost
Jan. 10	5,000		$	10			$	50,000
Jan. 18	8,000			11				88,000
Totals	13,000							138,000

* Includes purchase price and cost of freight.

Sales
Date of Sale	Units
Jan. 5	3,000
Jan. 12	3,000
Jan. 20	4,000
Total	10,000

11,000 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.)

\begin{tabular}{|l|l|l|l|l|l|l|} \hline \multirow{2}{*}{ Perpetual Average } & \multicolumn{3}{|c|}{ Inventory on hand } & \multicolumn{3}{c|}{ Cost of Goods Sold } \\ \cline { 2 - 7 } & \# of units & \begin{tabular}{c} Cost per \\ unit \end{tabular} & \begin{tabular}{c} Inventory \\ Value \end{tabular} & \begin{tabular}{c} \# of units \\ sold \end{tabular} & \begin{tabular}{c} Avg.Cost \\ per unit \end{tabular} & \begin{tabular}{c} Cost of \\ Goods Sold \end{tabular} \\ \hline Beginning Inventory & & & & & & \\ \hline Sale - January 5 & & & & & & \\ \hline Subtotal Average Cost & & & & & & \\ \hline Purchase - January 10 & & & & & & \\ \hline Subtotal Average Cost & & & & & & \\ \hline Sale - January 12 & & & & & & \\ \hline Subtotal Average Cost & & & & & & \\ \hline Purchase - January 18 & & & & & & \\ \hline Subtotal Average Cost & & & & & & \\ \hline Sale - January 20 & & & & & & \\ \hline Total & & & & & \\ \hline \end{tabular}