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Q2

Ontario Skateboard Company has the following inventory and purchases during the fiscal year ended December 31, 2020 13 Beginning Inventory March 10 purchased March 20 sold HAY 13 purchased August 5 purchased September 10 Bold 325 units o asunto 227 unit 07/unit 353 unita 05165/unit 302 unita 01/unit 260 unita 23/unit 524 units $165/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.) Bock Print Ending Inventory Cost of Goods Sold $ 72.785 00 a FIFO 10 b Moving weighted average erences May 1a purchased August 5 purchased September 10 sola 353 units 5165/unit 302 unita $ 81/unit 260 units $ 73/unit 514 units $165/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.) a FIFO Ending Inventory Cost of Goods Sold $ 72,785.00 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 Physical counts of inventory Multiple Choice Are necessary to adjust for shrinkage and should be taken at least once a month Should be taken at least once a month Are necessary to adjust for shrinkage Are not necessary under the perpetual system and should be taken at least once a month Are not necessary under the perpetual system