Alternative Inventory Methods Totman Company has the following transactions during the months of January and February: Date Transaction Units Cost/Unit January 1 Balance 200 10 Purchase 50 $25 22 Sale 40 28 Purchase 60 27 February 4 Purchase 40 28 14 Sale 50 23 Sale 20 The cost of the inventory at January 1 is $24, $23, and $15 per unit, respectively, under the FIFO, average, and LIFO cost flow assumptions. Required: 1. Compute inventories at the end of each month and the cost of goods sold for each month for the following alternatives: a. FIFO periodic Cost of Goods Sold Ending Inventory January $ 960 $ 6,710 February 1,680 $ 6,150 b. FIFO perpetual Cost of Goods Sold Ending Inventory January 960 $ 6,710 February 1,680 $ 6,150 c. LIFO periodic Cost of Goods Sold Ending Inventory January 1,000 X $ 4,870 X February $ 1,930x $ 4,060 X d. LIFO perpetual Cost of Goods Sold Ending Inventory January 1,000 $ 4,870 February 1,930 4,060 e. Weighted average (Round unit costs to 4 decimal places and round final answers to nearest dollar.) Cost of Goods Sold Ending Inventory January $ 825 $ 6,534 X February $ 1,728.4 X $ 5,925.6 X f. Moving average (Round unit costs to 4 decimal places and round final answers to nearest dollar.) Cost of Goods Sold Ending Inventory January $ 936 6,534 February $ 1,728.4 X $ 5,925.6 x 2. Reconcile the difference between the LIFO periodic and the LIFO perpetual results. January Cost of Goods Sold Ending Inventory Difference $ 825 x $ 6,534 X February Cost of Goods Sold Ending Inventory Difference 1,728.4 X $ 5,925.6 x 3. If the company had purchased an additional 25 units for $30 each on February 27, compute the cost of goods sold for February under FIFO periodic and LIFO periodic. February FIFO periodic: LIFO periodic: Cost of Goods Sold: $ 1,359.68 X $ 1,359.68 X