Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. the stilton company has the following inventory an

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

60.1K

Verified Solution

Question

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

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

A two-sample z-test for two population proportions is to be performed using the P-value approach. The...

Statistics
Q

What do you understand by Emotional Intelligence (EI), and its importance? Why EI is essential in...

Operations Management
Q

In his book Utilitarianism, Mill famously stated: \"It is better to be a human being dissatisfied...

Psychology
Q

Which sentence below correctly refers to the collective noun team as individuals A After the...

Biology
Q

1 Improper designing or calibration 2 Zero error 3 External conditions 4 Both 1 2...

Physics
Q

2 28 A long thin string has a coat of water on it The radius...

Physics
Q

What do you notice What do you wonder 300 20 9 3 100s 2 10s...

Basic Math
Q

Calculate Social Security taxes Medicare taxes and FIT for Jordon Barrett He earns a monthly...

Basic Math
Q

Find the indicated value of the function f x y 2x 9y 5 f 4...

Calculus
Q

implify 15 5 3 15 5 3

Calculus
Q

Precalculus 1 y f x 2 y f x 4 3 y 2f x 4...

Algebra
Q

Carlberg Company has two manufacturing departments, Assembly and Painting. The Assembly department started 11,200 units...

Accounting