Ontario Skateboard Company has the following inventory and purchases during the fiscal year ended December 31, 2023. Beginning Inventory March March 10 purchased 20 sold May 13 purchased August 5 purchased 271 units @$ 79/unit 227 units @$ 80/unit 364 units @$148/unit 305 units @$ 76/unit 237 units @$ 71/unit September 10 sold 536 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 all weighted average unit costs to two decimal places.)

FINANCIAL ACCOUNTING
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Chapter1: Financial Statements And Business Decisions
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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 December 31, 2023.
Beginning Inventory
March
10
purchased
March
20 sold
May
13
purchased
August
5
September 10
purchased
sold
271 units @$ 79/unit
227 units @$ 80/unit
364 units @$148/unit
305 units @ $ 76/unit
237 units @ $ 71/unit
536 units @$148/unit
Ontario Skateboard Company employs a perpetual inventory system.
Required:
1. Calculate the dollar value of ending inventory and cost of goods sold using: (Do not round intermediate calculations. Round the
final answers to 2 decimal places. Round all weighted average unit costs to two decimal places.)
Sold
Transcribed Image Text:Problem 6-7A Gross profit comparisons and cost flow assumptions-perpetual LO2, 3 Ontario Skateboard Company has the following inventory and purchases during the fiscal year ended December 31, 2023. Beginning Inventory March 10 purchased March 20 sold May 13 purchased August 5 September 10 purchased sold 271 units @$ 79/unit 227 units @$ 80/unit 364 units @$148/unit 305 units @ $ 76/unit 237 units @ $ 71/unit 536 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 all weighted average unit costs to two decimal places.) Sold
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