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 $135.00 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: 230 units from beginning inventory
200 units from the February 10 purchase
Sept. 10: 225 units from beginning inventory
40 units from the February 10 purchase
70 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.... Feb. 10............ Aug. 21. .640 units @ $75/unit 350 units @ $72/unit 230 units @ $85/unit