Question

Ontario Skateboard Company has the following inventory and purchases during the fiscal year ended December 31, 2020. Beginning Inventory March 286 units es 85/unit 216 units es 89/unit 375 units e $179/unit 305 units @s 82/unit 10 purchased March 20 Bold 13 purchased S purchased May August September 10 260 units @s 73/unit sold 556 units @ $179/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 unlt costs to two decimal places.) Ending nventory Cost of Goods Sold a. FIFO b. Moving weighted average 2. Using your calculations from Part 1, complete the following schedule: (Do not round intermediate calculations. Round the final answers to 2 decimal places. Round weighted average all unit costs to two decimal places.) Moving Weighted Average FIFO Sales Cost of goods sold Gross profit

Answer 1

Q1	Ending Inventory	COGS
a) FIFO	9,928.00	77,596.00
b) moving Weighted Average	10,809.95	76,714.05
Q2	FIFO	Moving Weighted Average
Sales	166,649.00	166,649.00
COGS	77,596.00	76,714.05
Gross Profit	89,053.00	89,934.95
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Statement showing Computations
FIFO
Date	Particulars	Units	Cost	Amount	COGS	Sales
	Beginning Inventory	286.00	85.00	24,310.00
Mar10	Purchases	216.00	89.00	19,224.00
	Balance	502.00		43,534.00
Mar 20	COGS	375.00		32,231.00	32,231.00	67,125.00
	Balance	127.00		11,303.00
May 13	Purchases	305.00	82.00	25,010.00
Aug 05	Purchases	260.00	73.00	18,980.00
	Balance	692.00		55,293.00
Sep 10	Sales	556.00		45,365.00	45,365.00	99,524.00
	Ending Inventory	136.00		9,928.00	77,596.00	166,649.00
Moving weighted average
Date	Particulars	Units	Cost	Amount	COGS	Sales
	Beginning Inventory	286.00	85.00	24,310.00
Mar10	Purchases	216.00	89.00	19,224.00
	Balance	502.00	86.72	43,534.00
Mar 20	COGS	375.00	86.72	32,520.42	32,520.42	67,125.00
	Balance	127.00	86.72	11,013.58
May 13	Purchases	305.00	82.00	25,010.00
Aug 05	Purchases	260.00	73.00	18,980.00
	Balance	692.00	79.48	55,003.58
Sep 10	Sales	556.00	79.48	44,193.63	44,193.63	99,524.00
	Ending Inventory	136.00	79.48	10,809.95	76,714.05	166,649.00