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

 

 

 

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The Stilton Company has the following inventory and credit purchases during the fiscal year ended December 31, 2020. Beginning Feb. 10 528 units e $89/unit 270 units e $86/unit 150 units @ $99/unit Aug. 21 Stilton Company has two credit sales during the perlod. The units have a selling price of $149 per unit. ok Mar. 15 Sept. 10 Sales 350 units 255 units nt Stilton Company uses a perpetual inventory system. ences 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.) Ending Inventory Cost of Goods Sold a. FIFO b. Moving weighted average eferences 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: 182 units from beginning inventory 168 units from the February 10 purchase Sept. 10: 177 units from beginning inventory 24 units from the February 10 purchase 54 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 < 1 Record the sale of merchandise. Note: Enter debits before credits Date General Journal Debit Credit September 10 Record entry Clear entry View general journal 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.) View transaction list Journal entry worksheet 2 Record the purchase of inventory on credit. Note: Enter debits before credits. Date General Journal Debit Credit February 10 Record entry Clear entry View general journal < Prev 3 of 3 Next> c. Specific identification View transaction list Journal entry worksheet 2 > nces Record the purchase of inventory on credit. Note: Enter debits before credits. Date General Journal Debit Credit February 10 Record entry Clear entry View general journal The Stilton Company has the following inventory and credit purchases during the fiscal year ended December 31, 2020. Beginning Feb. 10 528 units e $89/unit 270 units e $86/unit 150 units @ $99/unit Aug. 21 Stilton Company has two credit sales during the perlod. The units have a selling price of $149 per unit. ok Mar. 15 Sept. 10 Sales 350 units 255 units nt Stilton Company uses a perpetual inventory system. ences 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.) Ending Inventory Cost of Goods Sold a. FIFO b. Moving weighted average eferences 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: 182 units from beginning inventory 168 units from the February 10 purchase Sept. 10: 177 units from beginning inventory 24 units from the February 10 purchase 54 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 < 1 Record the sale of merchandise. Note: Enter debits before credits Date General Journal Debit Credit September 10 Record entry Clear entry View general journal 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.) View transaction list Journal entry worksheet 2 Record the purchase of inventory on credit. Note: Enter debits before credits. Date General Journal Debit Credit February 10 Record entry Clear entry View general journal < Prev 3 of 3 Next> c. Specific identification View transaction list Journal entry worksheet 2 > nces Record the purchase of inventory on credit. Note: Enter debits before credits. Date General Journal Debit Credit February 10 Record entry Clear entry View general journal

Answer rating: 100% (QA)

1 FIFO Moving Weighted average method Date Opening units Rateunit Purchase Sales in unit Balanceunit... View the full answer