Question
The Stilton Company has the following inventory and credit purchases during the fiscal year ended December 31, 2023. Beginning 640 units @ $75/unit Feb. 10
The Stilton Company has the following inventory and credit purchases during the fiscal year ended December 31, 2023.
Beginning | 640 units @ $75/unit | |||||
Feb. 10 | 350 units @ $72/unit | |||||
Aug. 21 | 230 units @ $85/unit | |||||
Stilton Company has two credit sales during the period. The units have a selling price of $135.00 per unit.
Sales | ||
Mar. | 15 | 430 units |
Sept. | 10 | 335 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 the "Weighted-average cost" to 2 decimal places. Round final answers to 2 decimal places.)
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: | 230 | units from beginning inventory |
200 | units from the February 10 purchase | ||
Sept. | 10: | 225 | units from beginning inventory |
40 | units from the February 10 purchase | ||
70 | units from the August 21 purchase | ||
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