Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Ontario Skateboard Company has the following inventory and purchases during the fiscal year ended December 31, 2020. Beginning Inventory March 286 units es 85/unit 216
Ontario Skateboard Company has the following inventory and purchases during the fiscal year ended December 31, 2020. Beginning Inventory March 286 units es 85/unit 216 units es 89/unit 375 units e $179/unit 305 units @s 82/unit 10 purchased March 20 Bold 13 purchased S purchased May August September 10 260 units @s 73/unit sold 556 units @ $179/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 unlt costs to two decimal places.) Ending nventory Cost of Goods Sold a. FIFO 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.) Moving Weighted Average FIFO Sales Cost of goods sold Gross profit
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