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16 Stockton Inc. tracks the number of units purchased and sold throughout each accounting period but apples its inventory costing method at the end of
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Stockton Inc. tracks the number of units purchased and sold throughout each accounting period but apples its inventory costing method at the end of each month, as if it uses o periodic inventory system., Assume Stockton's records show the following for the month of January (see below). Sales totaled 270 units, Required: 1. Calculate the number of units and the cost of goods avallable for sale. 2. Calculate the number of units in ending inventory. 3. Calculate the cost of ending inventory and cost of goods sold using: (a) FIFO, (b) LIFO, and (c) weighted average cost methods: Complete this question by entering your answers in the tabs below. Calculate the cost of ending inventory and cost of goods sold using the (a) Fifo, (b) UFo, and (c) weighted average cost methods Step by Step Solution
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