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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
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, 2020. Beginning Inventory March 10 purchased March 20 sold May 13 purchased August 5 purchased September 10 sold 307 units @ $ 90/unit 191 units @ $ 94/unit 345 units @ $ 173/unit 305 units @ $ 89/unit 270 units @ $ 82/unit 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 th 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 profit
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