The Stilton Company has the following inventory and credit purchases during the fiscal year ended December
Beginning units @ $unit
Feb. units @ $unit
Aug. units @ $unit
Stilton Company has two credit sales during the period. The units have a selling price of $ per unit.
Sales
Mar. units
Sept. units
Stilton Company uses a perpetual inventory system.
Required:
Calculate the dollar value of cost of goods sold and ending inventory using: Do not round intermediate calculations. Round "Average cost per unit" to decimal places. Round the final answers to decimal places.
Calculate the dollar value of cost of goods sold and ending inventory using specific identification, assuming the sales were specifically identified as follows:
Mar. : units from beginning inventory, and
units from the February purchase
Sept. : units from beginning inventory, and
units from the February purchase, and
units from the August purchase
