Required information [The following information applies to the questions displayed below.] Ferris Company began January with 4.000 units of its principal product. The cost of each unit is $7. Merchandise transactions for the month of January are as follows: Units 3. eee Date of Purchase Jan. 10 Jan. 18 Totals Purchases Unit Cost $ 8 9 Total Cost $24.ee 36,eee 60, eee 7.688 Includes purchase price and cost of freight Sales Date of Sale Jan. 5 Jan. 12 Jan. 20 Total Units 2,000 1,000 3.600 6.680 5.000 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 Goods # of units Cost Available for Sale 4,000 $ 7.00 $ 28,000 Cost of Goods Sold - Average Cost Average # of units Cost of Cost per sold Unit Goods Sold Ending Inventory - Average Cost # of units Average Ending in ending Cost per unit Inventory inventory Beginning Inventory Purchases: January 10 January 18 Total 3,000 $ 8.00 4,000 $ 9.00 11,000 24,000 38,000 88,000