The Stilton Company has the following inventory and credit purchases during the fiscal year ended...
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Accounting
The Stilton Company has the following inventory and credit purchases during the fiscal year ended December 31, 2023.
Beginning
640 units @ $75/unit
Feb. 10
350 units @ $72/unit
Aug. 21
230 units @ $85/unit
Stilton Company has two credit sales during the period. The units have a selling price of $135.00 per unit.
Sales
Mar.
15
430 units
Sept.
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: (Do not round intermediate calculations. Round the "Weighted-average cost" to 2 decimal places. Round final answers to 2 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
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