Question
The Stilton Company has the following inventory and credit purchases during the fiscal year ended December 31, 2017. Beginning 514 units @ $87/unit Feb. 10
The Stilton Company has the following inventory and credit purchases during the fiscal year ended December 31, 2017. Beginning 514 units @ $87/unit Feb. 10 260 units @ $84/unit Aug. 21 140 units @ $97/unit Stilton Company has two credit sales during the period. The units have a selling price of $147 per unit. Sales Mar. 15 340 units Sept. 10 245 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.) 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: 176 units from beginning inventory, and 164 units from the February 10 purchase Sept. 10: 171 units from beginning inventory, and 22 units from the February 10 purchase, and 52 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: (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) a. FIFO b. Moving weighted average (Round the final answers to nearest whole dollar.) c. Specific identification
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