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 4,000 units of its principal product. The cost of each unit is $7. Merchandise transactions for the month of January are as follows: Date of Purchase Jan. 10 Jan. 18 Totals Unita 3,000 4.000 7.000 Purchases Unit Coat $ 9 Total Cost $24,000 36,000 60,000 Includes purchase price and cost of freight. Sales Date of Sale Jon. S Jan. 12 Jan. 20 Total Unica 2,000 1,000 3,000 6.000 5,000 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 avera cost per unit to 4 decimal places. Enter sales with a negative sign.) Cost of Goods Sold Perpetual Average Inventory on hand Cost per Inventory w of units unit Value $ # of units Avg.Cost sold Cost of Goods Sold per unit 0 0 0 0 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 0 0 0 0 0 0 0 0 0 0 0 0 $