Question 2Ontario Skateboard Company has the following inventory and purchases during thefiscal year ended December 31, 2020.Beginning InventoryMarchMarch10 purchased20sold316 units @$77/unit202 units @$80/unit368 units @$147/unitMay13 purchased271 units @ $73/unitAugust5 purchased 268 units @$65/unitSeptember 10sold556 units @$147/unitOntario Skateboard Company employs a perpetual inventory system.Required:1. Calculate the dollar value of ending inventory and cost of goods sold usingFIFO: (Do not round intermediate calculations. Round the final answers to 2 decimalplaces. Round weighted average all unit costs to two decimal places.)

Name: Question 2Ontario Skateboard Company has the following inventory and
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Description: Question 2Ontario Skateboard Company has the following inventory and purchases during thefiscal year ended December 31, 2020.Beginning InventoryMarchMarch10 purchased20sold316 units @$77/unit202 units @$80/unit368 units @$147/unitMay13 purchased271

FIFO is first in first out method of inventory valuation. It means inventory which is purchased…

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Question 2 Ontario Skateboard Company has the following inventory and purchases during the fiscal year ended December 31, 2020. Beginning Inventory March March 10 purchased 20sold May 13 purchased 5 purchased September 10sold August 316 units @$77/unit 202 units @$80/unit 368 units @$147/unit 271 units @$73/unit 268 units @$65/unit 556 units @$147/unit Ontario Skateboard Company employs a perpetual inventory system. Required: 1. Calculate the dollar value of ending inventory and cost of goods sold using FIFO: (Do not round intermediate calculations. Round the final answers to 2 decimal places. Round weighted average all unit costs to two decimal places.)

Question 2 Ontario Skateboard Company has the following inventory and purchases during the fiscal year ended December 31, 2020. Beginning Inventory March March 10 purchased 20sold May 13 purchased 5 purchased September 10sold August 316 units @$77/unit 202 units @$80/unit 368 units @$147/unit 271 units @$73/unit 268 units @$65/unit 556 units @$147/unit Ontario Skateboard Company employs a perpetual inventory system. Required: 1. Calculate the dollar value of ending inventory and cost of goods sold using FIFO: (Do not round intermediate calculations. Round the final answers to 2 decimal places. Round weighted average all unit costs to two decimal places.)

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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Overton Company uses a perpetual inventory system for its single product. Its beginning inventory, purchases and sales during calendar year 2021 follow. Date Activity Units Acquired at Cost Units Sold at Retail Unit Inventory Jan 1 Beg. Inventory 400 units @ $14 = $ 5,600 400 units Jan 15 Sale 200 units @ $ 30 200 units March 10 Purchase 200 units @ $ 15 = $ 3,000 400 units April 1 Sale 200 units @ $ 30 200 units May 9 Purchase 300 units @ $ 16 = $ 4,800 500 units Sept 22 Purchase 250 units @ $ 20 = $ 5,000 750 units Nov 1 Sale 300 units @ $ 35 450 units Nov 28 Purchase 100 units @ $ 21 =$2,100 550 units Totals 1,250 units $ 20,500 700 units Required Calculate the cost of goods available for sale
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< eBook FIFO and LIFO Costs Under Perpetual Inventory System The following units of an item were available for sale during the year: Beginning inventory 36 units @ $43 31 units @ $67 24 units @ $46 16 units @ $68 14 units @ $48 8 units @ $69 The firm uses the perpetual inventory system, and there are 19 units of the item on hand at the end of the year. a. What is the total cost of the ending inventory according to FIFO? X Sale First purchase Sale Second purchase Sale Show Me How b. What is the total cost of the ending inventory according to LIFO? $ Feedback
S ! Required information [The following information applies to the questions displayed below.] Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March. Date March 1 March 5 March 9 March 18 March 25 March 29 Activities Complete this Beginning inventory Purchase Sales Purchase Purchase Sales Totals Units Acquired at Cost 90 units @ $50.80 per unit 220 units @ $55.80 per unit 80 units @ $60.80 per unit 140 units @ $62.80 per unit 530 units Units Sold at Retail 250 units @ $85.80 per unit 120 units @ $95.80 per unit 370 units 3. Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, (c) weighted average, and (d) specific identification. For specific identification, units sold include 60 units from beginning inventory, 190 units from the March 5 purchase, 40 units from the March 18 purchase, and 80 units from the March 25 purchase.
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Date August 1 August 4 August 11 August 13 August 20 August 26 August 29 Transactions Beginning inventory Sale ($140 each) Purchase Sale ($155 each) Purchase Sale ($165 each) Purchase ∞++ Units 8 Required 1 Required 2 5 10 8 10 11 10 Unit Cost $143 133 123 Required 3 113 For the specific identification method, the August 4 sale consists of rackets from beginning inventory, the August 13 sale consists of rackets from the August 11 purchase, and the August 26 sale consists of one racket from beginning inventory and 10 rackets from the August 20 purchase. Required: 1. Calculate ending inventory and cost of goods sold at August 31, using the specific identification method. 2. Using FIFO, calculate ending inventory and cost of goods sold at August 31. 3. Using LIFO, calculate ending inventory and cost of goods sold at August 31. 4. Using weighted-average cost, calculate ending inventory and cost of goods sold at August 31. 5. Calculate sales revenue and gross profit under each of the four…