None LabProblem 6-7A Gross profit comparisons and cost flow assumptions-perpetual LO2, 3Ontario Skateboard Company has the following inventory and purchases during the fiscal year ended December 31, 2023.Beginning InventoryMarchMarchMay10purchased20 sold13 purchasedAugust5purchased271 units @$ 79/unit227 units @$ 80/unit364 units @$148/unit305 units @$ 76/unit237 units @$ 71/unitSeptember 10 sold536 units @$148/unitOntario 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 thefinal answers to 2 decimal places. Round all weighted average unit costs to two decimal places.)a. FIFOb. Moving weighted averageEnding Inventory Cost of Goods Sold

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Description: None LabProblem 6-7A Gross profit comparisons and cost flow assumptions-perpetual LO2, 3Ontario Skateboard Company has the following inventory and purchases during the fiscal year ended December 31, 2023.Beginning InventoryMarchMarchMay10purchased20

The inventory can be valued using various methods as FIFO, LIFO and average method. FIFO stands for…

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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, 2023. Beginning Inventory March March 10 purchased 20 sold May 13 purchased August 5 purchased September 10 sold 271 units @$ 79/unit 227 units @$ 80/unit 364 units @$148/unit 305 units @$ 76/unit 237 units @$ 71/unit 536 units @$148/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 all weighted average unit costs to two decimal places.) a FIFO b. Moving weighted average Ending Inventory Cost of Goods Sold

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, 2023. Beginning Inventory March March 10 purchased 20 sold May 13 purchased August 5 purchased September 10 sold 271 units @$ 79/unit 227 units @$ 80/unit 364 units @$148/unit 305 units @$ 76/unit 237 units @$ 71/unit 536 units @$148/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 all weighted average unit costs to two decimal places.) a FIFO b. Moving weighted average Ending Inventory Cost of Goods Sold

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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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, 2023. Beginning Inventory March 10 purchased March 20 sold May 13 purchased August 5 September 10 purchased sold 271 units @$ 79/unit 227 units @$ 80/unit 364 units @$148/unit 305 units @ $ 76/unit 237 units @ $ 71/unit 536 units @$148/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 all weighted average unit costs to two decimal places.) Sold
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es Required information Problem 6-2AA (Algo) Periodic: Alternative cost flows LO P3 [The following information applies to the questions displayed below.] Warnerwoods Company uses a periodic inventory system. It entered into the following purchases and sales transactions for March. Date March 1 March 5 Activities Beginning inventory Purchase March 9 Sales March 18 March 25 March 29 Purchase Purchase Sales Units Acquired at Cost 125 units @ $60 per unit 425 units @ $65 per unit 170 units @ $70 per unit 250 units @ $72 per unit Units Sold at Retail 445 units @ $95 per.unit Totals 970 units 210 units @ $105 per unit 655 units For specific identification, units sold include 80 units from beginning inventory, 365 units from the March 5 purchase, 65 units from the March 18 purchase, and 145 units from the March 25 purchase. Problem 6-2AA (Algo) Part 3 3. Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, (c) weighted average, and (d) specific identification. Note: Round…