Cost Flow Methods Saved Help Save & Exit Required Information [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 $7. Merchandise transactions for the month of January are as follows: 3.48 Purchases Unit Cost- $ 8 Date of Purchase Jan. 10 Jan. 18 Totals Units 5,000 6,000 11,000 Total Cost $40,000 54,000 94,000 * 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. Jan. 12 Jan. 20 2,000 4,000 9,000 Total 8,000 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. -2B Ending Inventory - Average Cost Average cost Cost of Goods Available for Sale Cost of Goods Sold - Average Cost Cost of Average Unit # of units Goods # of units Cost of Cost per Cost Available for sold Unit Goods Sold Sale 6,000 $ 7.00 $ 42,000 of units in ending inventory Average Cost per Ending Inventory Beginning Inventory Purchases: January 10 January 18 Total 5,000 $ 8.00 6,000 $ 9.00 17,000 40,000 54,000 136,000 $ $ 0