The Stilton Company has the following inventory and credit purchases during the fiscal year ended December 31, 2020.

Beginning		521 units @ $88/unit
Feb. 10		265 units @ $85/unit
Aug. 21		145 units @ $98/unit

Stilton Company has two credit sales during the period. The units have a selling price of $148 per unit.

Sales
Mar.	15	345 units
Sept.	10	250 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:	179	units from beginning inventory
		166	units from the February 10 purchase
Sept.	10:	174	units from beginning inventory
		23	units from the February 10 purchase
		53	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

• 1

  Record the purchase of inventory on credit.

• 2

  Record a credit sale.

• 3

  Record the sale of merchandise.

  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.)

• 1

  Record the purchase of inventory on credit.

• 2

  Record a credit sale.

• 3

  Record the sale of merchandise. c. Specific identification

• 1

  Record the purchase of inventory on credit.

• 2

  Record a credit sale.

• 3

  Record the sale of merchandise.