Problem 2: 8 Points: Inventory JEN uses the periodic inventory method and had the following inventory events during January: Date Units Purchased Unit Cost Date Units Sold Unit Sales Price Jan. 1 150 $7.00 Jan. 2 100 $10.00 Jan. 5 225 7.20 Jan. 7 125 10.00 Jan. 10 100 7.50 Jan. 12 75 12.00 Jan. 15 150 7.80 Jan. 17 200 12.50 Jan. 20 200 7.95 Jan. 24 150 15.00 Jan. 25 150 8.00 Jan. 30 75 8.20 Note: January 1 amount was the beginning inventory and unit value. (Round all total dollar values to the nearest dollar. Round all unit values to the nearest penny.) Date Units Purchased Unit Cost Date Units Sold Unit Sales Price Jan. 1 150 $7.00 Jan. 2 100 $10.00 Jan. 5 225 7.20 Jan. 7 125 10.00 Jan. 10 100 7.50 Jan. 12 75 12.00 Jan. 15 150 7.80 Jan. 17 200 12.50 Jan. 20 200 7.95 Jan. 24 150 15.00 Jan. 25 150 8.00 Jan. 30 75 8.20 Solution Periodic inventory valuation is as below: Dt. Heads Units Cost per unit Total 1/1 Purchase 150 $7 $1,050 5/1 Purchase 225 $7.20 $1,620 10/1 Purchase 100 $7.50 $750 15/1 Purchase 150 $7.80 $1,170 20/1 Purchase 200 $7.95 $1,590 25/1 Purchase 150 $8 $1,200 30/1 Purchase 75 $8.20 $615 Total purchase (A) $7,995 2/1 Sales 100 $10 $1,000 7/1 Sales 125 $10 $1,250 12/1 Sales 75 $12 $900 17/1 Sales 200 $12.50 $2,500 24/1 Sales 150 $15 $2,250 Total sales (B) $7,900 31/1 Ending inventory (A – B) $95 Dt. Heads Units Cost per unit Total 1/1 Purchase 150 $7 $1,050 5/1 Purchase 225 $7.20 $1,620 10/1 Purchase 100 $7.50 $750 15/1 Purchase 150 $7.80 $1,170 20/1 Purchase 200 $7.95 $1,590 25/1 Purchase 150 $8 $1,200 30/1 Purchase 75 $8.20 $615 Total purchase (A) $7,995 2/1 Sales 100 $10 $1,000 7/1 Sales 125 $10 $1,250 12/1 Sales 75 $12 $900 17/1 Sales 200 $12.50 $2,500 24/1 Sales 150 $15 $2,250 Total sales (B) $7,900 31/1 Ending inventory (A – B) $95.