Required information Problem 8-5 (Static) Various inventory costing methods [LO8-1, 8-4] (The following information applies to the questions displayed below) Ferris Company began January with 6,000 units of its principal product. The cost of each unit is $8. Merchandise transactions for the month of January are as follows: Date of Purchase Jan. 10 Jan. 18 Totals Units 5,000 6,000 11,000 Purchases Unit Cost $ 9 10 Total Cost $ 45,000 60,000 $105,000 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, 4. Calculate January's ending inventory and cost of goods sold for the month using Average cost, periodic system. Average Cost Cost of Goods Available for Sale Cost of Unit # of units Goods Cost Available for Sale 6,000 $ 8.00 $ 48,000 Cost of Goods Sold - Average Cost # of units Average Cost of sold Unit Goods Sold Ending Inventory - Average Cost # of units Average Ending in ending inventory unit Inventory Cost per Cost per Beginning Inventory Purchases January 10 January 18 Total 5,000 $ 9.00 6,000 $10.00 17.000 45,000 60,000 153,000 $