User Account

All Pages

Calculate the dollar value of ending inventory

Assignment Help Accounting Basics
Reference no: EM132562706

Question - Ontario Skateboard Company has the following inventory and purchases during the fiscal year ended December 31, 2020.

Beginning inventory 295 units @ $83/unit

March 10 purchased 210 units @ $87/unit

March 20 sold 375 units @ $163/unit

May 13 purchased 277 units @ $81/unit

August 5 purchased 260 units @ $67/unit

September 10 sold 515 units @ $163/unit

Ontario Skateboard Company employs a perpetual inventory system.

Required -

1. Calculate the dollar value of ending inventory and cost of goods sold using: a. FIFO b. Moving weighted average. Round all unit costs to two decimal places.

2. Using your calculations from Part 1, complete the following schedule: IFO, Sales Cost of goods sold, Gross profit.

Analysis Component: How would the gross profits calculated in Part 2 above change if Ontario Skateboard Company had been experiencing increasing prices in the acquisition of additional inventory?

Reference no: EM132562706

Questions Cloud

What is the per-unit value of ending inventory on August : August 2 Purchase 24 units at $18.50 per unit. August 18 Purchase26 units at $20.00 per unit. What is the per-unit value of ending inventory on August 31
About complexity of information systems research : Journal article is about Complexity of Information Systems Research in the Digital World.
Determine the carrying value on january : The bond premium or discount is being amortized at a rate of $10,000 every six months. Determine the carrying value on January 2, 2019
How is the type of alarm transmission-signaling system : How is the type of alarm transmission/signaling system used in a particular application determined and how would you apply them based on your experience
Calculate the dollar value of ending inventory : Calculate the dollar value of ending inventory and cost of goods sold using: a. FIFO b. Moving weighted average. Round all unit costs to two decimal places
Define categories of passive and active security attacks : What is the OSI security architecture? List and briefly define categories of passive and active security attacks. Briefly define categories of security services
Tesla and ibm-tesla stock opening prices deviate : Given TESLA and IBM, TESLA stock opening prices deviate from the mean price more. The standard deviation of Tesla is 45.627 and IBM is 11.268.
Make the adjusting entries on the spreadsheet : Mary Smith is the controller for ABC Printing Service. Mary has been putting in a lot of overtime; Make the adjusting entries on the spreadsheet
Roles in the cyber domain-non-profits : An explanation as to how individuals work with the existing desktop support and malware teams.

Reviews

Write a Review

Accounting Basics Questions & Answers

  A company is considering replacing one of its delivery

a company is considering replacing one of its delivery trucks that it had purchased for 54000 two years ago. this truck

  What is the cost of ending inventory and cost of goods sold

Create a well-designed spreadsheet to solve Irene's Toy Company. Using the average cost method, what is the cost of ending inventory and cost of goods sold

  Hypotheses to test the above objective

Four different brands of a pain medication used for chronic back ailments were tested to see if the number of side effects for each brand were the same. The table below lists the results of the reported number of side effects for each brand of pa..

  Identify the fund used to record the transactions

Prepare journal entries to record the budget for the parking garage, the payment and receipt of the General Fund's contribution, and the issuance of the bonds.

  What would be the depreciation expense for machine

Compute the amount of accumulated depreciation on each machine at December, what would be the depreciation expense for this machine in 2013

  What is the maximum amount the company could pay

What is the maximum amount the company could pay for advertising if the advertising would increase sales by 1,000 units

  Develop a proposal regarding to issue an accounting standard

Develop a proposal regarding whether to issue an accounting standard on accounting for the costs of environmental damage

  Find the total standard cost for variable overhead for may

The Clark Company makes a single product and uses standard costing. The total standard cost for variable overhead for May was

  Find the depreciation expense for each year

Find and calculate annual depreciation expense fo first and second years using straight-line depreciation, assuming Sheridan has a calendar year end.

  Complete the fair-value allocation schedule by computing

complete the fair-value allocation schedule by computing the excess amortizations for 2014 and 2015

  What is the npv of this investment

What will happen to the book value per share, the market value per share, and the EPS? What is the NPV of this investment?

  Match each of the following terms a through j with the

match each of the following terms a through j with the appropriate definitions 1 through 10.a absorption costingb

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd