Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. ontario skateboard company has the following inven

Ontario Skateboard Company has the following inventory and purchases during the fiscal year ended December...

70.2K

Verified Solution

Question

Accounting

Ontario Skateboard Company has the following inventory and purchases during the fiscal year ended December 31,2023.
Beginning Inventory 268 units @ $ 82/unit
March 10 purchased 229 units @ $ 85/unit
March 20 sold 409 units @ $ 160/unit
May 13 purchased 280 units @ $ 78/unit
August 5 purchased 281 units @ $ 70/unit
September 10 sold 536 units @ $ 160/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.) ending inventory cost of goods sold
fifo
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 all weighted average unit costs to two decimal places.)

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!
Become a Member

Other questions asked by students

Basic Math
1.2K views

There are 9 doctors at a medical clinic The table below gives information ab Number...

Basic Math
1.2K views

1. A sample of retailers reported that they had the following number of copies of statistics...

Accounting
1.2K views

Montana Company manufactures three products in its plant: X, Y, and Z.   Unit costs and machine hour usage...

Biology
1.2K views

Some eukaryotic organelles' membranes don't match the DNA of the plasma membrane, suggesting they were...

Geometry
1.2K views

cot 8 tan 8 X O tan 8 Ocot 8 5 0 1 point Which...

Basic Math
1.2K views

A spinner is numbered from 1 through 10 with each number equally likely to occur....

Accounting
1.2K views

Exercise 9.30 (Algo) Plantwide versus Department Allocation (LO 9-2,3) Trombly Travel Products (TPP) manufactures and...

Accounting
1.2K views

- 1 Condong Understanding Energy Resources antolong bobo Part I: Matrix Operations Different regions within...

Accounting
1.2K views

Exercise 5-10 Variable consideration most likely amount; change in estimate [LO5-3, 5-6] Rocky Guide Service...

Accounting
1.2K views

A firm manufactures three products A, B and C. Time to manufacture product A is...

Finance
1.2K views

Aadaki ifadelerden hangisi senaryo analizini en uygun ekilde tanmlar? A. Her seferinde bir deikeni...

Finance
1.2K views

An Insurance Company wants to calculate the CLTV of a client who is expected to...