Ferris Company began January with 8,000 units of its principal product. The cost of each unit is $7. Merchandise transactions for the month of January are as follows: Date of Purchase Jan. 10 Jan. 18 Totals Units 6,000 8,000 14,000 Purchases Unit Cost $ 8 9 Total Cost $ 48,000 72,000 120,000 * Includes purchase price and cost of freight Sales Date of Sale Jan. 5 Jan. 12 Jan. 20 Total Units 4,000 2,000 5,000 11,000 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. Average Cost Cost of Goods Available for Sale Cost of Unit # of units Goods Cost Available for Sale 8,000 $ 7.00 $ 56.000 Cost of Goods Sold - Average Cost Averago #of units Cost per Cost of sold Unit Ending Inventory - Average Cost # of units Average Cost per Ending Inventory unit Inventory Goods Sold In ending Beginning Inventory Purchases: January 10 January 18 Total 6,000 S 8.00 8,000 $ 9.00 22.000 48,000 72.000 $ 176,000 $ 0