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solve it please The Stilton Company has the following inventory and credit purchases during the fiscal year ended December 31, 2020, Beginning Feb. 10 Aug.
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The Stilton Company has the following inventory and credit purchases during the fiscal year ended December 31, 2020, Beginning Feb. 10 Aug. 21 542 units @ $91/unit 280 units @ $88/unit 160 units 5101/unit Stilton 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 Moving weighted average Ending Inventory Cost of Goods Sold $ 33.496.00 $ 56.62600 $ 32.396.407 s 59,569 50 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: 188 units from beginning inventory 172 units from the February 10 purchase Sept. 19: 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 $ 33,2815 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 on September 10 for each of 0. FIFO View transaction list View Journal entry worksheet Credit General Journal No Date February 10 Debit 33,496 1 Merchandise inventory Accounts payable 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 Step by Step Solution
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