Solution-Question - Gross profit comparisons and cost flow

Question - Gross profit comparisons and cost flow

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Reference no: EM132437505

Question - Gross profit comparisons and cost flow assumptions-perpetual

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

Beginning Inventory	271 units @$ 81/unit
March 10 purchased	204 units @$ 85/unit
March 20 sold	379 units @$174/unit
May 13 purchased	288 units @$ 77/unit
August 5 purchased	237 units @$ 67/unit
September 10 sold	469 units @$174/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

2. Using your calculations from Part 1, complete the following schedule:

	FIFO	Moving Weighted Average
Sales
Cost of goods sold
Gross profit

Reference no: EM132437505

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Reference no: EM132437505

Reference no: EM132437505

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