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 purchased September 10 sold 286 units @$ 85/unit 216 units @$ 89/unit 375 units @$179/unit 305 units @$ 82/unit 260 units @$ 73/unit 556 units @$179/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. Rou 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 2. Using your calculations from Part 1, complete the following schedule: (Do not round intermediate calculations. Round the answers to 2 decimal places. Round all weighted average unit costs to two decimal places.)

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 purchased September 10 sold 286 units @$ 85/unit 216 units @$ 89/unit 375 units @$179/unit 305 units @$ 82/unit 260 units @$ 73/unit 556 units @$179/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. Rou 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 2. Using your calculations from Part 1, complete the following schedule: (Do not round intermediate calculations. Round the answers to 2 decimal places. Round all weighted average unit costs to two decimal places.)

Name: Problem 6-7A Gross profit comparisons and cost flow assumptions-perpe
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Description: Problem 6-7A Gross profit comparisons and cost flow assumptions-perpetual LO2, 3Ontario Skateboard Company has the following inventory and purchases during the fiscal year ended December 31, 2023.Beginning InventoryMarchMarch10 purchased20 soldMay13

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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