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Problem 6-7A Gross profit comparisons and cost flow assumptionsperpetual LO2, 3 Ontario Skateboard Company has...

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Accounting

Problem 6-7A Gross profit comparisons and cost flow assumptionsperpetual LO2, 3

Ontario Skateboard Company has the following inventory and purchases during the fiscal year ended December 31, 2020.

Beginning Inventory 271 units @ $ 79/unit
March 10 purchased 227 units @ $ 80/unit
March 20 sold 364 units @ $ 148/unit
May 13 purchased 305 units @ $ 76/unit
August 5 purchased 237 units @ $ 71/unit
September 10 sold 536 units @ $ 148/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 unit costs to two decimal places.)

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.)

DO IT BY USING FIFO METHOD ALSO

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