Question C: Accounting for Inventory and Cost of Sales (8 marks; 15 minutes) The records of Storex Inc. showed the following information for one of its merchandise items for January 2022. January 1 2022. Inventory, measured at FIFO $228 (19 units x $12 per unit) Inventory, measured at weighted average cost $190 (19 units x $10 per unit) Transactions during January 2022 Purchase, January 9 Purchase, January 20 Sale, January 11, (at $38 per unit) Sale, January 27 (at $39 per unit) Units Unit Cost Total Cost 25 50 40 28 22 15 $375 16 800 Storex Inc. uses a perpetual inventory system. REQUIRED: (ROUND YOUR CALCULATIONS TO TWO DECIMAL PLACES) 1. Compute the cost of ending inventory using the FIFO method. (2 marks) 2. Compute the cost of the units sold on January 27 using the weighted average cost method. (4 marks) 3. Compute the inventory turnover ratio under the weighted-average cost method and explain what this ratio measures. (2 marks)