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 average cost per unit to 4 decimal places. Enter sales with a negative sign.) X Answer is complete but not entirely correct. Perpetual Average # of Cost of Goods Sold Cost of Goods per unit Sold units Avg.Cost sold 3,000 $ 9.0000 $ 27,000 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 Total Inventory on hand Cost # of Inventory units per Value unit 8,000 9.0000 $ 72,000 (3,000) 9.0000 (27,000) 5,000 9.0000 9.0000 45,000 6,000 10.0000 60,000 11,000 9.5455 105,000 (3,000) 9.5455 (28,637) 8,000 9.5455 76,363 8,000 11.0000 88,000 16,000 10.2727 164,363 (4,000) 10.2727 (41,091) 12,000 $ 123,272 3,000 $ 9.5455 $ 28,637 $ 10.2727 4,000 10,000 41,091 96,728 $