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

Beginning521 units @ $88/unitFeb. 10265 units @ $85/unitAug. 21145 units @ $98/unit

Stilton Company has two credit sales during the period. The units have a selling price of $148 per unit.

SalesMar.15 345 unitsSept.10 250 units

Stilton Company uses a perpetual inventory system.

Required:

1.Do the dollar value of cost of goods sold and ending inventory using:(Do not round intermediate calculations.Round "Average cost perunit" to 2 decimal places. Round the final answers to2 decimal places.)

2 Do the dollar value of cost of goods sold and ending inventory using specific identification, assuming the sales were specifically identified as follows:

Mar.15:179units from beginning inventory166units from the February 10 purchaseSept.10:174units from beginning inventory23unitsfromtheFebruary10purchase53units 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

transaction list

• 1
• Record the purchase of inventory on credit.
• 2
• Record a credit sale.
• 3
• Record the sale of merchandise.

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.)

transaction list

• 1
• Record the purchase of inventory on credit.
• 2
• Record a credit sale.
• 3
• Record the sale of merchandise.