Stockton Inc. tracks the number of units purchased and sold throughout each accounting period but applies its inventory costing method at the end of each month, as if it uses a periodic inventory system. Assume Stockton's records show the following for the month of January (see below). Sales totaled 330 units. Beginning Inventory Purchase Purchase Date January 1 January 15 January 24 Units Unit Cost 300 $ 90 400 100 300 120 Total Cost $27,000 40,000 36,000 Required: 1. Calculate the number of units and the cost of goods available 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. Required 1 Required 2 Required 3 Calculate the number and cost of goods available for sale. units Number of Goods Available for Sale Cost of Goods Available for Sale Stockton Inc. tracks the number of units purchased and sold throughout each accounting period but applies its inventory costing method at the end of each month, as if it uses a periodic inventory system. Assume Stockton's records show the following for the month of January (see below). Sales totaled 330 units. Beginning Inventory Purchase Purchase Date January 1 January 15 January 24 Units 300 400 300 Unit Cost $ 90 100 120 Total Cost $27,000 40,000 36,000 Required: 1. Calculate the number of units and the cost of goods available 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. Required 1 Required 2 Required 3 Calculate the number of units in ending inventory. Ending Inventory units Stockton Inc. tracks the number of units purchased and sold throughout each accounting period but applies its inventory costing method at the end of each month, as if it uses a periodic inventory system. Assume Stockton's records show the following for the month of January (see below). Sales totaled 330 units. Beginning Inventory Purchase Purchase Date January 1 January 15 January 24 Units Unit Cost 300 $ 90 100 300 120 Total Cost $27,000 40,000 36,000 400 Required: 1. Calculate the number of units and the cost of goods available 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. Required 1 Required 2 Required 3 Calculate the cost of ending inventory and cost of goods sold using the (a) FIFO, (b) LIFO, and (c) weighted average cost methods. Cost of Ending Cost of Goods Inventory Sold FIFO LIFO Weighted Average Cost
