Answered step by step
Verified Expert Solution
Link Copied!

Question

00
1 Approved Answer

Complete Problem 6-2 A on page 447 and match the correct answer to the question asked What is the ending inventory balance $ under the

image text in transcribed
image text in transcribed
image text in transcribed
Complete Problem 6-2 A on page 447 and match the correct answer to the question asked What is the ending inventory balance $ under the specific identification method? Under the moving weighted average what is the COGS $ Choose.. e What are the total # of units available for sale? Choose e Under the moving weighted average method what was the closing average cost of ending inventory on Feb 10th? Choose . What are the total of units sold? Choose... . What is the ending inventory average $ under the moving weighted average method? Choose... What is the total costs of goods available for sale? Choose... + Choose Problem 6-2A Alternative cost flows-perpetual LO2 eXcel CHECK FIGURES: 1. Ending inventory, a. $35,750; b. $35.107.80; 2. Ending inventory - $35,395.00 The Stilton Company has the following inventory and credit purchases during the fiscal year ended December 31, 2020 0 Beginning Feb. 10. Aug. 21 640 units 350 units 230 units $75/unit $72/unit $85/unit 0 Stilton Company has two credit sales during the period. The units have a selling price of $135.00 per unit. Sales Mar. 15 Sept. 10 430 units 335 units Stilton Company uses a perpetual inventory system. Required 1. Calculate the dollar value of cost of goods sold and ending inventory using: a. FIFO b. Moving weighted average. Round to two decimal places. 2. Calculate the dollar value of cost of goods sold and ending inventory using specific identification, assum- ing the sales were specifically identified as follows: Mat 15: 230 units from beginning inventory 200 units from the February 10 purchase Sept. 10 225 units from beginning inventory 40 units from the February 10 purchase 70 units from the August 21 purchase 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 b. Moving weighted average c. Specific identification

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Students also viewed these Accounting questions