Inventory Costing MethodsPerpetual System (Appendix) The following information is available concerning Stillwater Inc.:

Units Unit Cost

Beginning inventory 210 $11

Purchases:

March 5. 297 12

June 12 396 13

August 23 255 14

October 2 152 16

Stillwater, which uses a perpetual system, sold 1,003 units for $20 each during the year. Sales occurred on the following dates:

Units

February 12 151

April 30 198

July 7 198

September 6 304

December 3 152

Calculate ending inventory and cost of goods sold for each of the following three methods: In your calculations, round average unit cost to three decimal places. Round all other calculations and your final answers to the nearest dollar. Methods include: weighted average, FIFO and LIFO.

Assume the use of the perpetual system and an estimated tax rate of 30%. How much more or less (indicate which) will Stillwater pay in taxes by using LIFO instead of FIFO? If required, round your answer to the nearest dollar.