1.Feb 10 :Record the purchase of inventory on credit.

2.Sep 10:Record a credit sale.

3..Sep 10:Record the sale of merchandise.

1.Feb 10 :Record the purchase of inventory on credit.

2.Sep 10:Record a credit sale.

3..Sep 10:Record the sale of merchandise.

1.Feb 10 :Record the purchase of inventory on credit.

2.Sep 10:Record a credit sale.

3..Sep 10:Record the sale of merchandise.

The Stilton Company has the following inventory and credit purchases during the fiscal year ended December 31, 2020. Beginning Feb. 10 Aug. 21 605 units @ $80/unit 325 units @ $77/unit 205 units @ $90/unit Stilton Company has two credit sales during the period. The units have a selling price of $140 per unit. Mar. 15 Sept. 10 Sales 405 units 310 units Stilton Company uses a perpetual inventory system. Required: 1. Calculate the dollar value of cost of goods sold and ending inventory using: (Do not round intermediate calculations. Round "Average cost per unit" to 2 decimal places. Round the final answers to 2 decimal places.) Ending Inventory Cost of Goods Sold a FIFO Moving weighted average b. 2. Calculate the dollar value of cost of goods sold and ending inventory using specific identification, assuming the sales were specifically identified as follows: Mar. 15: 215 units from beginning inventory 190 units from the February 10 purchase Sept. 10: 210 units from beginning inventory 35 units from the February 10 purchase 65 units from the August 21 purchase Ending Inventory Cost of Goods Sold Specific Identification 3. Using information from your answers in Parts 1 and 2, journalize the credit purchase on February 10 and the credit sale on September 10 for each of: a. FIFO View transaction list Journal entry worksheet Record the purchase of inventory on credit. Note: Enter debits before credits. Date General Journal Debit Credit February 10 Record entry Clear entry View general journal b. Moving weighted average (Do not round intermediate calculations. Round "Average cost per unit" to 2 decimal places. Round the final answers to nearest whole dollar.) View transaction list Journal entry worksheet Record the purchase of inventory on credit. Note: Enter debits before credits. Date General Journal Debit Credit February 10 Record entry Clear entry View general journal c. Specific identification View transaction list Journal entry worksheet 1 2 2 3 > N Record the purchase of inventory on credit. Note: Enter debits before credits. General Journal Debit Credit Date February 10 Record entry Clear entry View general journal