Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Ontarlo Skateboard Company has the following Inventory and purchases during the fiscal year ended December 31, 2020. Beginning Inventory March 10 purchased March 20 sold
Ontarlo Skateboard Company has the following Inventory and purchases during the fiscal year ended December 31, 2020. Beginning Inventory March 10 purchased March 20 sold May 13 purchased August 5 purchased September 10 sold 295 units @ $ 85/unit 231 units @ $ 88/unit 341 units @ $ 156/unit 302 units @ $ 81/unit 239 units @ $ 71/unit 546 units @ $156/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 welghted 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 welghted average all unit costs to two decimal places.) FIFO Moving Weighted Average 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