The Stilton Company has the following inventory and credit purchases during the fiscal year ended December 31, 2020 Beginning 556 units $93 unit Feb 10 290 units $90 unit Aug 21 170 units $103 unit Stilton Company has two credit sales during the period The units have a selling price of $153 per unit Sales Mar 15 370 units Sept 10 275 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 ) 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 15 194 units from beginning inventory 176 units from the February 10 purchase Sept 10 189 units from beginning inventory 28 units from the February 10 purchase 58 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 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 15 194 units from beginning inventory 176 units from the February 10 purchase Sept 10 189 units from beginning inventory 28 units from the February 10 purchase 58 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

The Stilton Company has the following inventory and credit purchases during the fiscal year ended December 31, 2020. Beginning 556 units @ $93/unit Feb. 10

Question

The Answer is in the image, click to view ...

Answered step by step

Verified Expert Solution

Link Copied!

1 Approved Answer

Posted on Sep 30, 2024

556 units @ $93/unit

290 units @ $90/unit

170 units @ $103/unit

The Stilton Company has the following inventory and credit purchases during the fiscal year ended December 31, 2020.

Stilton Company has two credit sales during the period. The units have a selling price of $153 per unit.

Sales
Mar.	15	370 units
Sept.	10	275 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.)

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:	194	units from beginning inventory
		176	units from the February 10 purchase
Sept.	10:	189	units from beginning inventory
		28	units from the February 10 purchase
		58	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

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:	194	units from beginning inventory
		176	units from the February 10 purchase
Sept.	10:	189	units from beginning inventory
		28	units from the February 10 purchase
		58	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