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I need answers for all parts even though I have some answers in Ontario Skateboard Company has the following inventory and purchases during the fiscal
I need answers for all parts even though I have some answers in
Ontario Skateboard Company has the following inventory and purchases during the fiscal year ended December 31, 2020. March Beginning Inventory 10 purchased March 20 sold May 13 purchased August 5 purchased September 10 sold 295 units @ $ 81/unit 195 units @ $ 85/unit 390 units @ $ 174/unit 260 units @ $ 78/unit 252 units @ $ 67/unit 510 units @ $ 174/unit 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 Ending Inventory Cost of Goods Sold 6,834.00 $ 70,800.00 $ 7,570.53 $ 70,063.47 b. Moving weighted average 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 $ 70,800.00 $ 70,063.47Step by Step Solution
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