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Required information [The following information applies to the questions displayed below.) 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: Date of Purchase Jan. 10 Jan. 18 Totals Units 6,000 8,000 14,000 Purchases Unit Cost $ 10 11 Total Cost $ 60,000 88,000 148,000 * Includes purchase price and cost of freight Sales Date of Sale Jan. 5 Jan. 12 Jan. 20 Total Units 3,000 3,000 4,000 10,000 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 averag cost per unit to 4 decimal places. Enter sales with a negative sign.) Inventory on hand Cost of Goods Sold Perpetual Average # of Cost #of Cost of Inventory Avg.Cost por units units Goods Value unit sold per unit Sold Beginning Inventory 8,000 9.0000 $ 72,000 Sale - January 5 (3,000) 9.0000 (27,000) 3,000 $ 9.0000 $ 27,000 Subtotal Average 5,000 9.0000 45,000 Cost Purchase - January 6,000 10.0000 60,000 10 Subtotal Average Cost 11,000 9.5455 105,000 Sale - January 12 (3.000) 9.5455 (28,637) 3,000 $ 9.5455 $ 28,637 Subtotal Average 8,000 9.5456 76,363 Cost Purchase - January 8,000 11.0000 88,000 18 Subtotal Average Cost 16,000 x 164,363 Sale - January 20 (4,000) x 0 4,000 $ 0.0000 0 Total 12,000 $164,363 10,000 $ 55,637 "Red text indicates no response was expected in a cell or a formula-based calculation is incorrect no points deducted