Ontario Skateboard Company has the following inventory and purchases during the fiscal year ended December...
80.2K
Verified Solution
Link Copied!
Question
Accounting
Ontario Skateboard Company has the following inventory and purchases during the fiscal year ended December 31, 2020. Beginning Inventory March 286 units es 85/unit 216 units es 89/unit 375 units e $179/unit 305 units @s 82/unit 10 purchased March 20 Bold 13 purchased S purchased May August September 10 260 units @s 73/unit sold 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. Round the final answers to 2 decimal places. Round weighted average all unlt costs to two decimal places.) Ending nventory Cost of Goods Sold a. FIFO b. Moving weighted average 2. Using your calculations from Part 1, complete the following schedule: (Do not round intermediate calculations. Round the final answers to 2 decimal places. Round weighted average all unit costs to two decimal places.) Moving Weighted Average FIFO Sales Cost of goods sold Gross profit
Answer & Explanation
Solved by verified expert
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
