Ontario Skateboard Company has the following inventory and purchases during the fiscal year ended December 31, 2023. Beginning Inventory 271 units @$ 79/unit March 10 purchased March 20 sold May August 13 5 purchased purchased 227 units @$ 80/unit 364 units @$148/unit 305 units @$ 76/unit 237 units @$ 71/unit September 10 sold 536 units @$148/unit Ontario Skateboard Company employs a perpetual inventory system. Required: 1. Calculate the dollar value of ending inventory and cost of goods sold using: (Do not round intermediate calculations. Round the final answers to 2 decimal places. Round all weighted average unit costs to two decimal places.) a. FIFO b. Moving weighted average Ending Inventory Cost of Goods Sold
Ontario Skateboard Company has the following inventory and purchases during the fiscal year ended December 31, 2023. Beginning Inventory 271 units @$ 79/unit March 10 purchased March 20 sold May August 13 5 purchased purchased 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.) a. FIFO b. Moving weighted average Ending Inventory Cost of Goods Sold
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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
March
10
20 sold
purchased
May
13
purchased
August
5
purchased
September 10 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
es
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.)
a. FIFO
b. Moving weighted average
Ending Inventory Cost of Goods Sold
D
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