CHECK FIGURES: 1. Ending inventory: a. $10,184.00; b. $11,590.60

Ontario Skateboard Company has the following inventory and purchases during the fiscal year ended December 31, 2020.

Beginning inventory .................................................... 295 units @ $83/unit

March 10 purchased ................................................... 210 units @ $87/unit

March 20 sold ............................................................... 375 units @ $163/unit

May 13 purchased ....................................................... 277 units @ $81/unit

August 5 purchased .................................................... 260 units @ $67/unit

September 10 sold ...................................................... 515 units @ $163/unit

Ontario Skateboard Company employs a perpetual inventory system. Required 1. Calculate the dollar value of ending inventory and cost of goods sold using:

1.a. FIFO

b. Moving weighted average. Round all unit costs to two decimal places.

2. Using your calculations from Part 1, complete the following schedule:

FIFO Moving Weighted Average

Sales ..........................................................................................

Cost of goods sold.................................................................

Gross profit ..............................................................................

Analysis Component: How would the gross profits calculated in Part 2 above change if Ontario Skateboard Company had been experiencing increasing prices in the acquisition of additional inventory?