Answered step by step
Verified Expert Solution
Question
1 Approved Answer
solve it please and journal enteries The Stilton Company has the following inventory and credit purchases during the fiscal year ended December 31, 2020. Beginning
solve it please and journal enteries
The Stilton Company has the following inventory and credit purchases during the fiscal year ended December 31, 2020. Beginning Feb. 10 542 units @ $91/unit 280 units @ $88/unit 160 units @ $101/unit Aug. 21 Sulton Company has two credit sales during the period. The units have a selling price of $151 per unit. Mar. 15 Sept. 10 Sales 360 units 265 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.) a FIFO b. Moving weighted average Ending Inventory Cost of Goods Sold $ 33,496 00 s 56,626.00 $ 33.134 35s 56 987 65 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: 188 units from beginning inventory 172 units from the February 10 purchase Sept. 10: 183 units from beginning inventory 26 units from the February 10 purchase 56 units from the August 21 purchase Ending Cost of Goods Inventory Sold $ 33281 $ 24,597 Specific Identification 3. Using information from your answers in Parts 1 and 2 journalize the credit purchase on February 10 and the credit sale om September 10 for each of 6. FIFO View transaction list View journal entry worksheet No General Journal Debit Credit Date February 10 Merchandise inventory Accounts payable 33,496 33,496 2 September 10 Accounts receivable Sales 3 September 10 Cost of goods sold Merchandise inventory 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 1 2 3 Record the purchase of inventory on credit. Note Enter debts before credits General Journal Date February 10 Debit Credit Record entry Clear entry View general journal C. Specific identification View transaction list Journal entry worksheet 2 3 Record the purchase of inventory on credit. ces Note: Enter debits before credits. Date General Journal February 10 Debit Credit Record entry Clear entry View general journal Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started