Answered step by step
Verified Expert Solution
Question
1 Approved Answer
13 Problem 6-7A Gross profit comparisons and cost flow assumptions-perpetual LO2, 3 Ontarlo Skateboard Company has the following inventory and purchases during the fiscal year
13 Problem 6-7A Gross profit comparisons and cost flow assumptions-perpetual LO2, 3 Ontarlo Skateboard Company has the following inventory and purchases during the fiscal year ended December 31, 2020 nts Samped Beginning Inventory March 30 purchased March 20 sold May 1) purchased August 5 purchased September 10 sold 289 units $ 79/unit 210 units 5 82/unit 405 units $165/unit 302 units e$ 76/unit 281 units $ 70/unit 500 units $165/unit ebook Print ference Ontario Skateboard Company employs a perpetual Inventory system Required: 1. Calculate the dollar value of ending inventory and cost of goods sold using: (Do not round intermediate calculations. Round the final answers to 2 decimal places. Round weighted average all unit costs to two decimal places.) Ending Inventory Cost of Goods Sold & FIFO b Moving weighted average 13 Required: 1. Calculate the dollar value of ending Inventory and cost of goods sold using (Do not round intermediate calculations. Round the final answers to 2 decimal places. Round weighted average all unit costs to two decimal places.) Ending Inventory Coat of Goods Sold a FIFO D Moving weighted average -book erences 2. Using your calculations from Part 1, complete the following schedule: (Do not round intermediate calculations. Round the final answers to 2 decimal places. Round weighted average all unit costs to two decimal places.) FIFO Moving Weighted Average Sales Cost of goods sold Gross profit
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access with AI-Powered Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started