Question
Problem 6-7A Gross profit comparisons and cost flow assumptions-perpetual LO2, 3 Ontario Skateboard Company has the following inventory and purchases during the fiscal year
Problem 6-7A Gross profit comparisons and cost flow assumptions-perpetual LO2, 3 Ontario Skateboard Company has the following inventory and purchases during the fiscal year ended December 31, 2023 Beginning Inventory March 10 purchased March 20 sold May 13 purchased August 5 September 10 purchased sold 310 units @$ 83/unit 212 units @ $ 85/unit 360 units @ $173/unit 274 units @ $ 80/unit 265 units @$ 69/unit 567 units @ $173/unit s 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. R final answers to 2 decimal places. Round all weighted average unit costs to two decimal places.) a. FIFO b. Moving weighted average Ending Inventory Cost of Goods Sold 2. Using your calculations from Part 1, complete the following schedule: (Do not round intermediate calculations. Round th answers to 2 decimal places. Round all weighted average unit costs to two decimal places.) Sales FIFO Moving Weighted Average +
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