Ontario Skateboard Company has the following inventory and purchases during the fiscal year ended December...
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Accounting
Ontario Skateboard Company has the following inventory and purchases during the fiscal year ended December 31, 2020.
Beginning Inventory
316
units
@
$
77/unit
March
10
purchased
202
units
@
$
80/unit
March
20
sold
368
units
@
$
147/unit
May
13
purchased
271
units
@
$
73/unit
August
5
purchased
268
units
@
$
65/unit
September
10
sold
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: (Do not round intermediate calculations. Round the final answers to 2 decimal places. Round weighted average all unit costs to two decimal places.)
Ending Inventory
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.)
FIFO
Moving Weighted Average
Sales
Cost of goods sold
Gross Profit
Answer & Explanation
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