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