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 purchased 20 sold 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 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

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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
March
May
10
purchased
20 sold
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 @$148/unit
Ontario Skateboard Company employs a perpetual inventory system.
Required:
1. Calculate the dollar value of ending inventory and cost of goods sold using: (Do not round intermediate calculations. Round the
final answers to 2 decimal places. Round all weighted average unit costs to two decimal places.)
a. FIFO
b. Moving weighted average
Ending Inventory Cost of Goods Sold
Transcribed Image Text:Lab Problem 6-7A Gross profit comparisons and cost flow assumptions-perpetual LO2, 3 Ontario Skateboard Company has the following inventory and purchases during the fiscal year ended December 31, 2023. Beginning Inventory March March May 10 purchased 20 sold 13 purchased August 5 purchased 271 units @$ 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.) a. FIFO b. Moving weighted average Ending Inventory Cost of Goods Sold
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