Required information [The following Information applies to the questions displayed below] Ferris Company began January with 6,000 units of its principal product. The cost of each unit is $7. Merchandise transactions for the month of January are as follows: Purchases Date of Purchase Jan. 10 Jan. 18 Totals Units Unit Cost 5,000 $0 6,000 9 11,000 *Includes purchase price and cost of freight. Sales Date of Sale Units Jan, 5 3,000 Jan. 12 2,000 Jan. 20 Total 4,000 9,000 8,000 units were on hand at the end of the month. Total Cost $40,000 54,000 94,000 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.) 9 < Prev 8 of 8 Next