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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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…