(The following information applies to the questions displayed below. Ferris Company began January with 6,000 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 5,000 6,000 11.000 Purchases Unit Cost $ 10 11 Total Cost $50,000 66,000 116.000 * Includes purchase price and cost of freight. Sales Date of Sale Jan. 5 Jan. 12 Jan. 20 Total Units 3,000 2,000 4,000 9,000 8,000 units were on hand at the end of the month. 3. Award: 6.25 points 4. Calculate January's ending inventory and cost of goods sold for the month using Average cost, periodic system. Cost of Goods Sold - Average Cost Average Cost Cost of Goods Available for Sale Cost of Goods Unit # of units Cost Available for Sale 6,000 $ 9.00 $ 54,000 Ending Inventory - Average Cost # of units Average Ending in ending Cost per Inventory inventory unit Average Cost per Unit # of units sold Cost of Goods Sold Beginning Inventory Purchases: January 10 January 18 5,000 $ 10.00 6,000 $ 11.00 50,000 66,000 170,000 Total 17,000 $