The Stilton Company has the following inventory and credit purchases during the fiscal year ended December 31, 2020. Beginning Feb. 10 Aug. 21 598 units @ $81/unit 320 units e $78/unit 200 units e $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. Round "Average cost per unit" to 2 decimal places. Round the final answers to 2 decimal places.) Ending Inventory Cost of Goods Sold a FIFO b. Moving weighted average 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: 212 units from beginning inventory 188 units from the February 10 purchase Sept. 10: 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 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 Answer is not complete. No Date General Journal Debit Credit 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.) Answer is not complete. No Date General Journal Debit Credit No Date General Journal Debit Credit c. Specific identification Answer is not complete. No Date General Journal Debit Credit The Stilton Company has the following inventory and credit purchases during the fiscal year ended December 31, 2020. Beginning Feb. 10 Aug. 21 598 units @ $81/unit 320 units e $78/unit 200 units e $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. Round "Average cost per unit" to 2 decimal places. Round the final answers to 2 decimal places.) Ending Inventory Cost of Goods Sold a FIFO b. Moving weighted average 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: 212 units from beginning inventory 188 units from the February 10 purchase Sept. 10: 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 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 Answer is not complete. No Date General Journal Debit Credit 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.) Answer is not complete. No Date General Journal Debit Credit No Date General Journal Debit Credit c. Specific identification Answer is not complete. No Date General Journal Debit Credit
