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 $9. Merchandise transactions for the month of January are as follows: Date of Purchase Jan. 10 Jan. 18 Totals Units 6,000 8,000 14,000 Purchases Unit Cost* Total Cost $10 $ 60,000 11 88,000 148,000 * Includes purchase price and cost of freight. Sales Date of Units Sale Jan. 5 3,000 Jan. 12 3,000 Jan. 20 4,000 Total 10,000 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. (Round average cost per unit to 4 decimal places. Enter sales with a negative sign.) ** unit soldes* Sold Beginning 8,000 9.0000 $ 72,000 Inventory Sale - January 5 (3,000) 9.0000 (27,000) 3,000 $9.0000 $ 27,000 Subtotal Average 5,000 9.0000 45,000 Cost Purchase - 6,000 10.0000 60,000 January 10 Subtotal Average 11,000 9.5455 105,000 Cost Sale - January 12 (3,000) 0 3,000 $0.0000 $ 0 Subtotal Average 8.000 105,000 Cost Purchase - 8,000 11.0000 88,000 January 18 Subtotal Average 16,000 193,000 Cost Sale - January 20 (4,000) 0 4,000 $ 0.0000 12,000 | 193.000 10,000 $27,000 Total