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Please answer fast! Need help asap! Thank you! Ontario Skateboard Company has the following inventory and purchases during the fiscal year ended December 31, 2020.
Please answer fast! Need help asap! Thank you!
Ontario 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 307 units @ $ 91/unit 227 units @ $ 92/unit 360 units @ $ 148/unit 258 units @ $ 90/unit 250 units @ $ 82/unit 525 units @ $ 148/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 Average Sales Cost of goods sold Gross profitStep by Step Solution
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