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Calculate the dollar value of ending inventory

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Reference no: EM132566437

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:

1. 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:

FIFO Moving Weighted Average

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: EM132566437

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