Required Information [The following Information applies to the questions displayed below.] Ferris Company began January with 9,000 units of its principal product. The cost of each unit is $4. Merchandise transactions for the month of January are as follows: Purchases Date of Purchase Units Jan. 10 6,000 Unit Cost* $ 5 Total Cost $30,000 Jan. 18 9,000 6 54,000 Totals 15,000 84,000 * 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. 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.) Answer is complete but not entirely correct. Inventory on hand Cost of Goods Sold Perpetual Average Cost # of # of units per Inventory Value units Avg.Cost per unit Cost of Goods unit sold Sold Beginning Inventory Sale - January 5 Subtotal Average 4,000 9,000 4.0000 (5,000) 4.0000 4.0000 $ 36,000 (20,000) 16,000 5,000 $ 4.0000 $ 20,000 Cost Purchase - January 6,000 5.0000 30,000 10 Subtotal Average 10,000 Cost Sale - January 12 4.3000x (3,000) 4.3000x (12,900) 46,000 3,000 $ 4.3000 $ 12,900 Subtotal Average 7,000 4.3000x 33,100 Cost Purchase - January 9,000 6.0000 54,000 18 Subtotal Average 16,000 4.7781x 87,100 Cost Sale - January 20 (6,000) 4.7781 Total 10,000 (28,669) $ 58,431 6,000 14,000 $ 4.7781 28,669 $ 61,569