Problem 8-5 (Algo) Various inventory costing methods [LO8-1, 8-4] [The following information applies to the questions displayed below.] A company began January with 4,000 units of its principal product. The cost of each unit is $6. Inventory transactions for the month of January are as follows: Purchases Date of Purchase Units Unit Cost Total Cost January 1@ 3,888 L 7 3 21,0988 January 18 4,888 8 32,088 Totals 7,080 53,000 * Includes purchase price and cost of freight. Sales Date of Sale Units January 5 2,088 January 12 1,088 January 28 3,088 Total 6,008 5,000 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. Note: Round average cost per unit to 4 decimal places. Enter sales with a negative sign. Inventory on hand Cost of Goods Sold Perpetual Average Number Cost per Inventory Number Average Cost of of units unit Value of units Cost per Goods Sold sold unit Beginning Inventory 4.000 6.0000 $ 24,000 Sale - January 5 0 Subtotal Average Cost 4,000 24,000 Purchase - January 10 3.000 7.0000 21,000 Subtotal Average Cost 7,000 45,000 Sale - January 12 0 Subtotal Average Cost 7,000 45,000 Purchase - January 18 4.000 8.0000 32,000 Subtotal Average Cost 11,000 77,000 Sale - January 20 0 Total 11,000 77,000 0 0