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.

4. Calculate January's ending inventory and cost of goods sold for the month using Average cost, periodic system.

\begin{tabular}{|c|c|c|c|c|c|c|c|c|c|} \hline \multirow[b]{2}{*}{ Average Cost } & \multicolumn{3}{|c|}{ Cost of Goods Available for Sale } & \multicolumn{3}{|c|}{ Cost of Goods Sold - Average Cost } & \multicolumn{3}{|c|}{ Ending Inventory - Average Cost } \\ \hline & # of units & \begin{tabular}{l} Unit \\ Cost \end{tabular} & \begin{tabular}{c} Cost of \\ Goods \\ Available for \\ Sale \end{tabular} & \begin{tabular}{l} \# of units \\ sold \end{tabular} & \begin{tabular}{c} Average \\ Cost per \\ Unit \end{tabular} & \begin{tabular}{c} Cost of \\ Goods Sold \end{tabular} & \begin{tabular}{l} \# of units \\ in ending \\ inventory \end{tabular} & \begin{tabular}{c} Average \\ Cost per \\ unit \end{tabular} & \begin{tabular}{l} Ending \\ Inventory \end{tabular} \\ \hline Beginning Inventory & 8,000 & $9.00 & 72,000 & & & & & & \\ \hline \multicolumn{10}{|l|}{ Purchases: } \\ \hline January 10 & 5,000 & $10.00 & 50,000 & & & & & & \\ \hline January 18 & 8,000 & $11.00 & 88,000 & & & & & & \\ \hline Total & 21,000 & & $210,000 & & & $ & & & $ \\ \hline \end{tabular}