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The Stilton Company has the following inventory and credit purchases during the fiscal year ended December 31,2023. Stilton Company has two credit sales during the
The Stilton Company has the following inventory and credit purchases during the fiscal year ended December 31,2023. Stilton Company has two credit sales during the period. The units have a selling price of $152 per unit. 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.) 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 Journal entry worksheet 23 Record the purchase of inventory on credit. Note: Enter debits before credits. The Stilton Company has the following inventory and credit purchases during the fiscal year ended December 31,2023 . Stilton Company has two credit sales during the period. The units have-a selling price of $152 per unit: Stilton Company uses a perpetual inventory system. Required: 1. Calculate the dollar value of cost of goods sold and ending inventory using: (Do hot 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
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