Required information [The following information applies to the questions displayed below.) Ferris Company began January with 7,000 units of its principal product. The cost of each unit is $6. Merchandise transactions for the month of January are as follows: Date of Purchase Jan. 10 Jan. 18 Units 6,000 7,000 13,000 Purchases Unit Cost $ 7 8 Total Cost $ 42,000 56,000 98,000 Totals * Includes purchase price and cost of freight. Sales Date of Sale Jan. 5 Jan. 12 Jan. 20 Total Units 3,000 1,000 4,000 8,000 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 average cost per unit to 4 decimal places. Enter sales with a negative sign.) X Answer is not complete. Cost of Goods Sold Perpetual Average # of units Inventory on hand Cost Inventory per Value unit # of units sold Avg.Cost Cost of Goods Sold per unit 6.0000 $ 42,000 7,000 3,500 X 6.0000 21,000 10,500 6.0000 63,000 6,000 7.0000 42,000 16,500 6.5000 105,000 Beginning Inventory Sale - January 5 Subtotal Average Cost Purchase - January 10 Subtotal Average Cost Sale - January 12 Subtotal Average Cost Purchase - January 18 Subtotal Average Cost Sale - January 20 0 16,500 6.3750 X 105,000 7,000 8.0000 56,000 23,500 10.3750 X 161,000 0 Total 23,500 $ 161,000 0 $ 0