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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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