Question

L02 eXcel G-2A Alternative cost flows-perpetual LO CHECK FIGURES: 1. Ending inventory: a. $27,520 The Siton Company has inve December 31, 2017 b. $27.279.00; 2. Endin g inventory $27.365.00 the following inventory and credit purchases during the fis 500 units$85/unit Beginning. Feb. 10.... 250 units $82/unit 130 units $5/unit credit sales during the period. The units have a selling price of $145.00 per durin Stilton Company has two Sales .. 330 units 235 units Sept. 10.. ... Stilton Company uses a perpetual inventory system. Required 1. Calculate the dollar value of cost of goods sold and ending inventory using: a. FIFO b. Moving weighted average. Round to two decimal places 2. Calculate the dolas o

Please full calculation and explanation.
*This is the complete question.

Answer 1

STATEMENT SHOWING INVENTORY RECORD UNDER PERPETUAL FIFO METHOD
	RECIEPTS			COST OF GOODS SOLD			BALANCE
DATE	UNITS	RATE	AMOUNT $	UNITS	RATE	AMOUNT $	UNITS	RATE	AMOUNT $
1-Jan							500	85	42500
10-Feb	250	82	20500				500	85	42500
							250	82	20500
15-Mar				330	85	28050	170	85	14450
							250	82	20500
21-Aug	130	95	12350				170	85	14450
							250	82	20500
							130	95	12350
10-Sep				170	85	14450	185	82	15170
				65	82	5330	130	95	12350
TOTAL	380		32850	565		47830	315		27520
STATEMENT SHOWING INVENTORY RECORD UNDER PERPETUAL WEIGHTED AVERAGE METHOD
	RECIEPTS			COST OF GOODS SOLD			BALANCE
DATE	UNITS	RATE	AMOUNT $	UNITS	RATE	AMOUNT $	UNITS	RATE	AMOUNT $
1-Jan							500	85	42500
10-Feb	250	82	20500				500	85	42500
							250	82	20500
Average							750	84	63000
15-Mar				330	84	27720	420	84	35280
21-Aug	130	95	12350				420	84	35280
							130	95	12350
							550	86.6	47630
10-Sep				235	86.6	20351	315	86.6	27279
TOTAL	380		32850	565		48071	315		27279
STATEMENT SHOWING INVENTORY RECORD UNDER PERPETUAL SPECIFIC IDENTIFICATION METHOD
	RECIEPTS			COST OF GOODS SOLD			BALANCE
DATE	UNITS	RATE	AMOUNT $	UNITS	RATE	AMOUNT $	UNITS	RATE	AMOUNT $
Balance Oct1	500	85	42500	335	85	28475	165	85	14025
Purchasse
10-Feb	250	82	20500	180	82	14760	70	82	5740
21-Aug	130	95	12350	50	95	4750	80	95	7600
TOTAL	880		75350	565		47985	315		27365
		COGS	Ending Inventory
FIFO		47830	27520
Weighted Average		48071	27279
Specific		47985	27365
Journal entries:
Date	Accounts title and explanations				Debit $	Credit $
Case-A FIFO
10-Feb	Merchandise inventory Dr.				20500
	Accounts payable					20500
10-Sep	Accounts receivable Dr.				34075
	Sales revenue (235*145)					34075
	Cost of goods sold Dr.				19780
	Merchandise inventory					19780
Case-b Average
10-Feb	Merchandise inventory Dr.				20500
	Accounts payable					20500
10-Sep	Accounts receivable Dr.				34075
	Sales revenue (235*145)					34075
	Cost of goods sold Dr.				20351
	Merchandise inventory					20351
Case-C-Specific
10-Feb	Merchandise inventory Dr.				20500
	Accounts payable					20500
10-Sep	Accounts receivable Dr.				34075
	Sales revenue (235*145)					34075
	Cost of goods sold Dr.				20415
	Merchandise inventory					20415
		(165*85+20*82+50*95)