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.)
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