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The Stilton Company has the following inventory and credit purchases during the fiscal year ended December 31, 2020. Beginning 528 units @$89/unit Feb. 10 270
The Stilton Company has the following inventory and credit purchases during the fiscal year ended December 31, 2020. Beginning 528 units @$89/unit Feb. 10 270 units @ $86/unit Aug. 21 150 units @ $99/unit Stilton Company has two credit sales during the period. The units have a selling price of $149 per unit. Sales Mar. 15 350 units Sept. 10 255 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.) FIFO b. Moving weighted average Ending Inventory 30,440.00 Cost of Goods Sold 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: 182 units from beginning inventory 168 units from the February 10 purchase Sept. 10: 177 units from beginning inventory 27 ces 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.) FIFO b. Moving weighted average Ending Inventory $ 30,440.00 Cost of Goods Sold 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: 182 units from beginning inventory 168 units from the February 10 purchase Sept. 10: 177 units from beginning inventory 24 units from the February 10 purchase. 54 units from the August 21 purchase Ending Inventory Cost of Goods Sold Specific Identification
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