Required Information Problem 8-5 (Algo) Various inventory costing methods (LO8-1, 8-4) (The following information applies to the questions displayed below) Fers Company began January with 6,000 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 Units Jan. 10 5,000 Jan. 18 6,000 Totals 11,000 Purchases Unit Cost* Total Cost $10 $ 50,000 11 11 66,000 116,000 * 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. 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.) Inventory on hand Cost of Goods Sold Problem 8-5 (Algo) Part 5 5. Calculate January's ending Inventory and cost of goods sold for the month using Average cost, perp cost per unit to 4 decimal places. Enter sales with a negative sign.) Perpetual Average Beginning inventory Sale - January 5 Subtotal Average Cost Purchase - January 10 Subtotal Average Cost Sale - January 12 Subtotal Average Cost Purchase - January 18 Subtotal Average Cost Sale - January 20 Total Inventory on hand Cost of Goods Sold # of units Cost per Inventory # of units Avg.Cost Cost of unit Value sold per unit Goods Sold 6.000 9.0000 54,000 (3.000) 9.0000 (27,000) 3,000 $ 9.0000 $ 27,000 3,000 9.0000 27,000 5,000 10.0000 50,000 8,000 77,000 (2,000) 2,000 5 0.0000 $ 6,000 77,000 6,000 11.0000 66,000 12,000 143,000 (4,000) 4,000 $ 0.0000 8,000 $ 143,000 9,000 27,000