Question
The Stilton Company has the following inventory and credit purchases during the fiscal year ended December 31, 2020. Beginning 570 units @ $95/unit Feb. 10
The Stilton Company has the following inventory and credit purchases during the fiscal year ended December 31, 2020.
Beginning | 570 units @ $95/unit | |||||
Feb. 10 | 300 units @ $92/unit | |||||
Aug. 21 | 180 units @ $105/unit | |||||
Stilton Company has two credit sales during the period. The units have a selling price of $155 per unit.
Sales | ||
Mar. | 15 | 380 units |
Sept. | 10 | 285 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.)
Fifo
moving weighted avergae
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: | 200 | units from beginning inventory |
180 | units from the February 10 purchase | ||
Sept. | 10: | 195 | units from beginning inventory |
30 | units from the February 10 purchase | ||
60 | 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
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.)
c. Specific identification
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