Problem $8-5($Algo$)$ Various inventory costing methods $[$LO$8-1,8-4]$

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A company began January with $7,000$ units of its principal product. The cost of each unit is $$7.$ Inventory transactions for the month of January are as follows:

Date of Purchase Purchases Units Unit Cost$*$Footnote asterisk Total Cost January $106,000$ $ $8$ $ $48,000$ January $187,000963,000$ Totals $13,000$ $ $111,000$

$*$Footnote asterisk Includes purchase price and cost of freight.

Sales Date of Sale Units January $53,000$ January $121,000$ January $204,000$ Total $8,000$

$12,000$ units were on hand at the end of the month.

Problem $8-5($Algo$)$ Part $5$

$5.$ Calculate January's ending inventory and cost of goods sold for the month using Average cost, perpetual system.

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