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
307
units
@
$
91/unit
March
10
purchased
227
units
@
$
92/unit
March
20
sold
360
units
@
$
148/unit
May
13
purchased
258
units
@
$
90/unit
August
5
purchased
250
units
@
$
82/unit
September
10
sold
525
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.)
i need answer of ending inventory and cost of good sold by fifo method and weighted average method .
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 place
i need sales,cost of good sold,gross profit by FIFO and weighted average method.
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