Wk 2 - Apply: Summative Assessment [due Day 7] ! 4 Required information Part 4 of 5 Saved [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 $8. Merchandise transactions for the month of January are as follows: 11.11 points Date of Purchase Units Jan. 10 6,000 Purchases Unit Cost* $ 9 Jan. 18 Totals 8,000 10 Total Cost $ 54,000 80,000 14,000 134,000 eBook * Includes purchase price and cost of freight. References Sales Date of Sale Units Jan. 5 4,000 Jan. 12 2,000 Jan. 20 5,000 Total 11,000 11,000 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. Cost of Goods Available for Sale Cost of Goods Sold - Average Cost Ending Inventory - Average Cost Average Cost # of units Unit Cost Cost of Goods Available for Sale # of units sold Average Cost per Unit Cost of Goods Sold # of units in ending inventory Average Cost per unit Ending Inventory Beginning Inventory 8,000 $ 8.00 $ 64,000 Help