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The Stilton Company has the following inventory and credit purchases during the fiscal year ended December 31, 2020. Deginning Feb. 10 Aug. 21 598 units
The Stilton Company has the following inventory and credit purchases during the fiscal year ended December 31, 2020. Deginning Feb. 10 Aug. 21 598 units $81/unit 320 units $78/unit 200 units . $91/unit Stilton Company has two credit sales during the period. The units have a selling price of $141 per unit. Sales Mar. 15 400 units Sept. 10 305 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. Apund "Average cost per unit" to 2 decimal places. Round the final answers to 2 decimal places.) Ending Inventory Cost of Goods Sold a FIFO Moving weighted average b 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. 151 212 units from beginning inventory 188 units from the February 10 purchase Sept. 101 207 units from beginning inventory 34 units from the February 10 purchase 64 units from the August 21 purchase Ending Inventory Cost of Goods Sold Specific identification os View transaction list X: 1 Record the purchase of inventory on credit. 2 Record a credit sale. 3 Record the sale of merchandise. Credit Note : = journal entry has been entered Record entry Clear entry View general Journal 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.) View transaction list X 1 Record the purchase of inventory on credit. > 2 Record a credit sale. 3 Record the sale of merchandise. Credit Note : - Journal entry has been entered Record entry Clear entry View general Journal c. Specific identification View transaction list X 1 Record the purchase of inventory on credit. 2 Record a credit sale. 3 Record the sale of merchandise. Credit Note : journal entry has been entered Record entry Clear entry View general Journal
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