Question: please solve this one... Problem 6-7A Gross profit comparisons and cost flow assumptions-perpetual LO2, 3 Ontario Skateboard Company has the following inventory and purchases during

please solve this one...

please solve this one... Problem 6-7A Gross profit comparisons and cost flow

Problem 6-7A Gross profit comparisons and cost flow assumptions-perpetual LO2, 3 Ontario Skateboard Company has the following inventory and purchases during the fiscal year ended December 31, 2020. Beginning Inventory 289 units @ $ 79/unit March 10 purchased 210 units @$ 82/unit March 20 sold 405 units @ $ 165/unit May 13 purchased 302 units @$ 76/unit August purchased 281 units @$ 70/unit September 10 sold 500 units @ $ 165/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

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!