Required information Problem 8.5 (Algo) Various inventory costing methods [LO8.1, 8-4] [The following information applies to the questions displayed below] Ferris Company began January with 8.000 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. 11,000 units were on hand at the end of the month. Problem 8-5 (Algo) Part 4 4. Calculate January's ending inventory and cost of goods sold for the month using Average cost, periodic system