The Stilton Company has the following inventory and credit purchases during the fiscal year ended December 31,
Question:
The Stilton Company has the following inventory and credit purchases during the fiscal year ended December 31, 2020.
Stilton Company has two credit sales during the period. The units have a selling price of $135.00 per unit.
? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ?SalesMar. 15 .................................................................................. 430 unitsSept. 10 .................................................................................. 335 units
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:
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.
Ending InventoryThe ending inventory is the amount of inventory that a business is required to present on its balance sheet. It can be calculated using the ending inventory formula Ending Inventory Formula =...
Step by Step Answer:
Fundamental Accounting Principles Volume I
ISBN: 978-1260305821
16th Canadian edition
Authors: Kermit Larson, Tilly Jensen, Heidi Dieckmann