Answered step by step
Verified Expert Solution
Question
1 Approved Answer
3 Problem 6-7A Gross profit comparisons and cost flow assumptions-perpetual LO2, 3 Ontario Skateboard Company has the following inventory and purchases during the fiscal
3 Problem 6-7A Gross profit comparisons and cost flow assumptions-perpetual LO2, 3 Ontario Skateboard Company has the following inventory and purchases during the fiscal year ended December 31, 2020. Beginning Inventory March 20 points March 10 purchased 20 sold May 13 purchased August 5 purchased September 10 sold 313 units @s 86/unit 210 units es 87/unit 401 units @$158/unit 294 units @s 85/unit 286 units es 78/unit 474 units @$158/unit eBook Print References 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.) a FIFO b Moving weighted average Ending Inventory Cost of Goods Sold 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.) Sales Cost of goods sold Gross profit FIFO Moving Weighted Average
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored 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