The Stilton Company has the following inventory and credit purchases during the fiscal year ended December 31, 2023. Beginning Feb. 10 Aug. 21 507 units@ $86/unit 255 units@ $83/unit 135 units@ $96/unit Stilton Company has two credit sales during the period. The units have a selling price of $146 per unit. Sales Mar. 15 335 units. Sept. 10 240 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 Average cost per unit" to 2 decimal places. Round the final answers to 2 decimal places.) Irra Ending Inventory Cost of Goods Sold

FINANCIAL ACCOUNTING
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Author:Libby
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Chapter1: Financial Statements And Business Decisions
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The Stilton Company has the following inventory and credit purchases during the fiscal year ended December 31, 2023.
Beginning
Feb. 10
Aug. 21
507 units @ $86/unit
255 units @ $83/unit
135 units@ $96/unit
Stilton Company has two credit sales during the period. The units have a selling price of $146 per unit.
Sales
Mar. 15 335 units
Sept. 10 240 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
'Average cost per unit" to 2 decimal places. Round the final answers to 2 decimal places.)
a. FIFO
b. Moving weighted average
Ending Inventory Cost of Goods Sold
Transcribed Image Text:The Stilton Company has the following inventory and credit purchases during the fiscal year ended December 31, 2023. Beginning Feb. 10 Aug. 21 507 units @ $86/unit 255 units @ $83/unit 135 units@ $96/unit Stilton Company has two credit sales during the period. The units have a selling price of $146 per unit. Sales Mar. 15 335 units Sept. 10 240 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 'Average cost per unit" to 2 decimal places. Round the final answers to 2 decimal places.) a. FIFO b. Moving weighted average Ending Inventory Cost of Goods Sold
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