Ferris Company began January with 9,000 units of its principal product. The cost of each unit is $8. Merchandise transactions for the month of January are as follows:

	Purchases
Date of Purchase	Units		Unit Cost*			Total Cost
Jan. 10	6,000		$	9			$	54,000
Jan. 18	9,000			10				90,000
Totals	15,000							144,000

* Includes purchase price and cost of freight.

Sales
Date of Sale	Units
Jan. 5	5,000
Jan. 12	3,000
Jan. 20	6,000
Total	14,000

10,000 units were on hand at the end of the month.

rev: 09_24_2019_QC_CS-182166

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.)

Perpetual Average	Inventory on hand			Cost of Goods Sold
	# of units	Cost per unit	Inventory Value	# of units sold	Avg.Cost per unit	Cost of Goods Sold
Beginning Inventory	9,000	8.0000	$72,000
Sale - January 5	(5,000)	8.0000	(40,000)	5,000	$8.0000	$40,000
Subtotal Average Cost	4,000	8.0000	32,000
Purchase - January 10	6,000	9.0000	54,000
Subtotal Average Cost	10,000	8.4000	86,000
Sale - January 12	(3,000)	8.4000	(25,200)	3,000	$8.4000	$25,200
Subtotal Average Cost	7,000		60,800
Purchase - January 18	9,000	10.0000	90,000
Subtotal Average Cost	16,000		150,800
Sale - January 20	(6,000)		0	6,000	$0.0000	0
Total	10,000		$150,800	14,000		$65,200