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 271 units @$ 79/unit 227 units @$ 80/unit 364 units @$148/unit 305 units @$ 76/unit 237 units @$ 71/unit September 10 sold 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.)

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 271 units @$ 79/unit 227 units @$ 80/unit 364 units @$148/unit 305 units @$ 76/unit 237 units @$ 71/unit September 10 sold 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.)

Name: Problem 6-7A Gross profit comparisons and cost flow assumptions-perpe
Uploaded: 2024-03-20T06:32:37.000Z
Channel: Bartleby
Description: Problem 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 InventoryMarch10purchasedMarch20 soldMay13p

Corporate Financial Accounting

14th Edition

ISBN:9781305653535

Author:Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:Carl Warren, James M. Reeve, Jonathan Duchac

Chapter6: Inventories

Section: Chapter Questions

Problem 6.2BE: Perpetual inventory using FIFO Beginning inventory, purchases, and sales for Item Zeta9 are as...

See similar textbooks

Similar questions

Problem 6-4A Gross profit comparisons and cost flow assumptions-perpetual LO2, 3 eXcel Help Me SOLVE IT CHECK FIGURES: 1. Ending inventory: a. $9,600.00; b. $10,982.30 Gale Company has the following inventory and purchases during the fiscal year ended December 31, 2020. Gale 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: Beginning inventory. Feb. 10 purchased... Feb. 20 sold.... Mar. 13 purchased.. Sept. 5 purchased. Oct. 10 sold. Sales... Cost of goods sold.. Gross profit.. 280 units 195 units 360 units 290 units 255 units 510 units @ @ @ @ @ FIFO Analysis Component: How would the gross profits calculated in Part 2 above change if Gale Company had been experiencing increasing prices in the acquisition of additional inventory? $80/unit $84/unit…
Problem 6-7A Gross profit comparisons and cost flow assumptions-perpetual LO2, 3 Ontario Skateboard Company has the following inventory and purchases during the fiscal year ended December 31, 2023. Beginning Inventory March March 10 purchased 20 sold May 13 purchased August 5 September 10 purchased sold 286 units @$ 85/unit 216 units @$ 89/unit 375 units @$179/unit 305 units @$ 82/unit 260 units @$ 73/unit 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 all weighted average unit costs to two decimal places.) a. FIFO b. Moving weighted average Ending Inventory Cost of Goods Sold 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 all weighted average unit…
< Cost Flow Methods The following three identical units of Item JC07 are purchased during April: Units Cost April 2 April 15 April 20 Total Item Beta Purchase Purchase Purchase a. First-in, first-out (FIFO) b. Last-in, first-out (LIFO) c. Weighted average cost 1 1 1 3 $94 97 Gross Profit 100 $291 Average cost per unit ($291 + 3 units) Assume that one unit is sold on April 27 for $120. Determine the gross profit for April and ending inventory on April 30 using the (a) first-in, first-out (FIFO); (b) last-in, first-out (LIFO); and (c) weighted average cost method. $97 Ending Inventory $
Question 5 Opening and closing inventory balances and purchases for the month of May2020for CardiniaHearing Ltd are as follows: Units Per unit 7,000 $4.00 Inventory, 1 May Purchase, 3 May Purchase, 15 May Purchase, 20 May Inventory, 31May 8,000 4.10 11,000 4.20 15,000 4.25 20,000 Required: Determine the cost of goods sold for May under each of the following cost flow assumptions: (a) FIFO (b) Weighted average (c) LIFO
Cost Flow Methods The following three identical units of Item JC07 are purchased during April: Item Beta Units Cost April 2 Purchase 1 $177 April 15 Purchase 1 179 April 20 Purchase 1 181 Total 3 $537 Average cost per unit $179 ($537 ÷ 3 units) Assume that one unit is sold on April 27 for $234. Determine the gross profit for April and ending inventory on April 30 using the (a) first-in, first-out (FIFO); (b) last-in, first-out (LIFO); and (c) weighted average cost method. Gross Profit Ending Inventory a. First-in, first-out (FIFO) $fill in the blank 1 $fill in the blank 2 b. Last-in, first-out (LIFO) $fill in the blank 3 $fill in the blank 4 c. Weighted average cost $fill in the blank 5 $fill in the blank 6
Required information Problem 6-1A Perpetual: Alternative cost flows LO P1 Skip to question [The following information applies to the questions displayed below.]Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March. Date Activities Units Acquired at Cost Units Sold at Retail Mar. 1 Beginning inventory 100 units @ $51.00 per unit Mar. 5 Purchase 225 units @ $56.00 per unit Mar. 9 Sales 260 units @ $86.00 per unit Mar. 18 Purchase 85 units @ $61.00 per unit Mar. 25 Purchase 150 units @ $63.00 per unit Mar. 29 Sales 130 units @ $96.00 per unit Totals 560 units 390 units
Required information Problem 6-1A Perpetual: Alternative cost flows LO P1 Skip to question [The following information applies to the questions displayed below.]Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March. Date Activities Units Acquired at Cost Units Sold at Retail Mar. 1 Beginning inventory 140 units @ $51.80 per unit Mar. 5 Purchase 245 units @ $56.80 per unit Mar. 9 Sales 300 units @ $86.80 per unit Mar. 18 Purchase 105 units @ $61.80 per unit Mar. 25 Purchase 190 units @ $63.80 per unit Mar. 29 Sales 170 units @ $96.80 per unit Totals 680 units 470 units Problem 6-1A Part 3 3. Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, (c) weighted average, and (d) specific identification. For specific identification, the March 9 sale consisted of 85 units…
Q 6.26: Ray's Recliners began May with 100 units of the ultimate recliner with a unit cost of $175 in inventory Relevant information is listed as follows: May 6 May 13 May 25 May 29 Purchase 150 units at $200 per unit Sale 125 units at $500 per unit 100 units at $225 per unit 175 units at $400 per unit Purchase Sale If Ray's Recliners uses the LIFO inventory cost flow assumption, what is its gross profit for the month?
Perpetual inventory using FIFO Beginning inventory, purchases, and sales for Item Zeta9 are as follows: Oct. 1 Inventory 175 units at 30 7 Sale 155 units 15 Purchase 200 units at 33 24 Sale 140 units Assuming a perpetual inventory system and using the first-in, first-out (FIFO) method, determine (A) the cost of goods sold on October 24 and (B) the inventory on October 31.
Exercise 6-9 Moving weighted average cost flow assumption-perpetual LO2, 3 Telamark Company uses the moving weighted average method for inventory costing. Required: The following incomplete inventory sheet regarding Product W506 is available for the month of March 2023. Complete the inventory sheet. (Use the value of the ending inventory as your base number and adjust the COGS $ amount to the required amount to make the Total Goods Available for Sale to the total of the Value of the ending inventory and the COGS total. Negative value should be indicated with minus sign. Round your intermediate and final answers to 2 decimal places.) Date Units Mar 1 2 3 4 7 17 28 Purchases/Transportation-In/ (PurchaseReturns/Discounts) 32 Cost/Unit Brought Forward 27 $ 96.00 97.00 Total $ Cost of Goods Sold/(Returns to Inventory) Units Cost/Unit 40 (20) 47 35 Total $ Units 52 $ Balance in Inventory Avg Cost/Unit 94.00 $ Total $ 4,888.00
Cost Flow Methods The following three identical units of Item LO3V are purchased during April: Item Beta Purchase 1 Purchase 1 [[ Purchase 1 3 April 2 April 15 April 20 Total a. First-in, first-out (FIFO) b. Last-in, first-out (LIFO) c. Weighted average cost $ Units Cost $ Average cost per unit $221 ($663 3 units) Assume that one unit is sold on April 27 for $301. Determine the gross profit for April and ending inventory on April 30 using the (a) first-in, first-out (FIFO); (b) last-in, first-out (LIFO); and (c) weighted average cost method. Gross Profit 82 ✔ $219 X 221 223 $663 Ending Inventory $ X
Problem 6-1A Perpetual: Alternative cost flows LO P1 Skip to question [The following information applies to the questions displayed below.]Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March. Date Activities Units Acquired at Cost Units Sold at Retail Mar. 1 Beginning inventory 190 units @ $52.80 per unit Mar. 5 Purchase 270 units @ $57.80 per unit Mar. 9 Sales 350 units @ $87.80 per unit Mar. 18 Purchase 130 units @ $62.80 per unit Mar. 25 Purchase 240 units @ $64.80 per unit Mar. 29 Sales 220 units @ $97.80 per unit Totals 830 units 570 units Problem 6-1A Part 3 3. Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, (c) weighted average, and (d) specific identification. For specific identification, the March 9 sale consisted of 110 units from beginning…