Ontarlo Skateboard Company employs a perpetual system. Required:

1.Calculate the dollar value of ending inventory and cost of goods sold using

Ending Inventory Cost of Goods Sold

a. FIFO. ? ?

b. Moving weighted average ? ?

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

FIFO Moving Weighted Average

Sales ? ?

Cost of goods sold ? ?

Gross profit. ? ?

Lab Ontario Skateboard Company has the following inventory and purchases during the fiscal year ended December 31, 2020. Beginning Inventory 307 units @ $ 90/unit March purchased 191 units @ $ 94/unit March 20 sold 345 units @ $ 173/unit May 13 purchased 305 units @ $ 89/unit August 5 purchased 270 units @$ 82/unit September 10 sold 541 units @ $ 173/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.) Ending Inventory 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.) FIFO Moving Weighted