Wk 2 - Apply: Summative Assessment [due Day 7] 4 Part 4 of 5 Required Information Saved [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 $6. Merchandise transactions for the month of January are as follows: 11.11 points 04:03:37 Date of Purchase Jan. 10 Jan. 18 Totals Purchases Units 3,000 Unit Cost $ 7 Total Cost $21,000 4,000 8 32,000 7,000 53,000 *Includes purchase price and cost of freight. eBook Sales References Date of Sale Jan. 5 Jan. 12 Units 2,000 1,000 Jan. 20 3,000 Total 6,000 5,000 units were on hand at the end of the month. Cost of Goods Available for Sale Average Cost # of units Unit Cost Cost of Goods # of units Available for sold Sale 4. Calculate January's ending Inventory and cost of goods sold for the month using Average cost, periodic system. Average Cost per Unit Cost of Goods Sold Ending Inventory - Average Cost Average Cost per unit Ending Inventory Cost of Goods Sold - Average Cost # of units in ending inventory Beginning Inventory 4,000 $6.00 S 24,000 Purchases: January 10 3,000 $ 7.00 21,000 January 18 4,000 $ 8.00 32,000 Total 11,000 $ 77,000