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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 310 units @ $ 87/unit
March 10 purchased 229 units @ $ 90/unit
March 20 sold 401 units @ $ 173/unit
May 13 purchased 299 units @ $ 83/unit
August 5 purchased 286 units @ $ 76/unit
September 10 sold 520 units @ $ 173/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.)

a. FIFO Ending Inventory Cost of Goods sold

b. Moving weighted average Ending Inventory Cost of goods sold

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.)

Sales FIFO Moving weighted average

Cost of Goods sold FIFO Moving Weighted Average

Gross Profit FIFO Moving Weighted Average

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