Required information[The following information applies to the questions displayed below.]A company began January with 4,000 units of its principal product. The cost of each unit is $8. Inventory transactions forthe month of January are as follows:Date of PurchaseUnitsJanuary 193,000PurchasesUnit Cost*$ 9Total CostJanuary 184,00010$ 27,00040,000Totals7,000$ 67,000*Includes purchase price and cost of freight.SalesDate of SaleUnitsJanuary 52,000January 121,000January 203,000Total6,0005,000 units were on hand at the end of the month.5. Calculate January's ending inventory and cost of goods sold for the month using Average cost, perpetual system.Note: Round average cost per unit to 4 decimal places. Enter sales with a negative sign.Inventory on handPerpetual AverageNumberof unitsCost per InventoryunitValueNumberof unitssoldBeginning InventorySale - January 5Cost of Goods SoldAverageCost perunitCost ofGoods SoldSubtotal Average CostPurchase - January 10Subtotal Average CostSale - January 12Subtotal Average CostPurchase - January 18Subtotal Average CostSale - January 20Total

Name: Required information[The following information applies to the questio
Uploaded: 2024-03-20T06:32:37.000Z
Channel: Bartleby
Description: Required information[The following information applies to the questions displayed below.]A company began January with 4,000 units of its principal product. The cost of each unit is $8. Inventory transactions forthe month of January are as follows:Da