Vikrambahi 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 $7. Inventory transactions forthe month of January are as follows:Date of PurchaseUnitsJanuary 103,000PurchasesUnit Cost*$ 8Total CostJanuary 184,0009$ 24,00036,000Totals7,000$ 60,000*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 perunitInventoryValueNumberof 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

Periodic inventory system means where day to day in or out of goods is not recorded and value of…

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 $7. Inventory transactions for the month of January are as follows: Date of Purchase Units January 10 3,000 January 18 4,000 Totals 7,000 Purchases Unit Cost $8 *Includes purchase price and cost of freight. Total Cost $ 24,000 36,000 $ 60,000 Sales Date of Sale Units January 5 2,000 January 12 1,000 January 20 3,000 Total 6,000 5,000 units were on hand at the end of the month. 3. 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 hand Perpetual Average Number Cost per of units unit Inventory Value Number of units sold Cost of Goods Sold Average Cost per unit Cost of Goods Sold 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