The Stilton Company has the following inventory and credit purchases during the fiscal year ended December 31, 2014.

Stilton Company has two credit sales during the period. The units have a selling price of $145.00 per unit.

Stilton Company uses a perpetual inventory system.
Required:
1. Calculate the dollar value of cost of goods sold and ending inventory using:
a. FIFO
b. Moving weighted average. Round to two 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: 170 units from beginning inventory, and
160 units from the February 10 purchase
Sept. 10: 165 units from beginning inventory, and
20 units from the February 10 purchase, and
50 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
b. Moving weighted average
c. Specific identification.

Transcribed Image Text:

Beginning....500 units 8s 50 uits$82/unit its$95/unit Sales Mar. 1S Sept. 10 330 units 235 units