No-Talent Company The books of the No-Talent Corporation are closed monthly. The purchases and sales for the months of January and February are given below: Purchases Date # of Units Cost per Unit Units Sold Jan 1 10,000 $ 4 6 2,000 11 14,000 5 14 4,000 21 10,000 29 6,000 6 31 9,000 Feb 8 4,000 8 10 8,000 16 2,000 9 25 2,000 28 1,000 10 REQUIRED: a. Compute inventory as of January 31, using the following inventory costing procedures: (1) FIFO periodic, (2) LIFO periodic, (3) FIFO perpetual, (4) LIFO perpetual, and (5) average cost periodic. Calculate the average cost periodic cost per unit to 4 decimal places. Then calculate the average cost periodic January 31 inventory figure to the nearest dollar. b. Assuming that the same method was used during both months, compute cost of goods sold for the month of February and inventory at the end of February using (1) FIFO periodic and (2) LIFO periodic. c. Given the observable price trends during February, do you see any apparent inconsistency in the results above? Explain your conclusion in 2-3 sentences.

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a 1 FIFO periodic Jan 1 inventory 10000 units x 4 40000 Jan 11 purchase 14000 units x 5 70000 Jan 29 ... View the full answer