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 $7. Merchandise transactions for the month of January are as follows: * Includes purchase price and cost of freight. 12,000 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. \begin{tabular}{|c|c|c|c|c|c|c|c|c|c|c|} \hline \multirow[b]{2}{*}{ Average Cost } & \multicolumn{4}{|c|}{ Cost of Goods Available for Sale } & \multicolumn{3}{|c|}{ Cost of Goods Sold - Average Cost } & \multicolumn{3}{|c|}{ Ending Inventory - Average Cost } \\ \hline & # of units & \begin{tabular}{l} Unit \\ Cost \end{tabular} & Ava & \begin{tabular}{l} st of \\ oods \\ able for \\ Sale \end{tabular} & \begin{tabular}{l} \# of units \\ sold \end{tabular} & \begin{tabular}{c} Average \\ Cost per \\ Unit \end{tabular} & \begin{tabular}{c} Cost of \\ Goods Sold \end{tabular} & \begin{tabular}{l} \# of units \\ in ending \\ inventory \end{tabular} & \begin{tabular}{c} Average \\ Cost per \\ unit \end{tabular} & \begin{tabular}{l} Ending \\ Inventory \end{tabular} \\ \hline Beginning Inventory & 7,000 & $7.00 & $ & 49,000 & & & & & & \\ \hline \multicolumn{5}{|l|}{ Purchases: } & & & & & & \\ \hline January 10 & 6,000 & $8.00 & & 48,000 & & & & & & \\ \hline January 18 & 7,000 & $9.00 & & 63,000 & & & & & & \\ \hline Total & 20,000 & & $ & 160,000 & & & $ & & & $ \\ \hline \end{tabular}