Question
The Stilton Company has the following inventory and credit purchases during the fiscal year ended December 31, 2020. Beginning542 units @ $91/unitFeb. 10280 units @
The Stilton Company has the following inventory and credit purchases during the fiscal year ended December 31, 2020.
Beginning542 units @ $91/unitFeb. 10280 units @ $88/unitAug. 21160 units @ $101/unit
Stilton Company has two credit sales during the period. The units have a selling price of $151 per unit.
SalesMar.15360 unitsSept.10265 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 perunit" to 2 decimal places. Round the final answers to2 decimal places.)
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