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The Stilton Company has the following Inventory and credit purchases during the fiscal year ended December 31, 2020. Beginning Feb. 10 Aug. 21 542 units

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The Stilton Company has the following Inventory and credit purchases during the fiscal year ended December 31, 2020. Beginning Feb. 10 Aug. 21 542 units @ $91/unit 280 units @ $88/unit 160 units @ $101/unit Stilton Company has two credit sales during the period. The units have a selling price of $151 per unit. Mar. 15 Sept. 10 Sales 360 units 265 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 unlt" 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: 188 units from beginning inventory 172 units from the February 10 purchase Sept. 10: 183 units from beginning inventory 26 units from the February 10 purchase 56 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 View transaction list Journal entry worksheet Record the purchase of inventory on credit. Note: Enter debits before credits. General Journal Debit Credit Date February 10 Record entry Clear entry View general journal c. Specific Identification View transaction list Journal entry worksheet

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