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The Stilton Company has the following inventory and credit purchases during the fiscal year ended December 31, 2020. Beginning 521 units @ $88/unit Feb. 10
The Stilton Company has the following inventory and credit purchases during the fiscal year ended December 31, 2020.
Beginning | 521 units @ $88/unit | |||||
Feb. 10 | 265 units @ $85/unit | |||||
Aug. 21 | 145 units @ $98/unit | |||||
Stilton Company has two credit sales during the period. The units have a selling price of $148 per unit.
Sales | ||
Mar. | 15 | 345 units |
Sept. | 10 | 250 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.)
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