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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.)

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 costs to two decimal places.)

Pet Emporium had a robbery on the weekend in which a large amount of inventory was taken. The loss is covered completely by insurance. A physical inventory count determined that the cost of the remaining merchandise is $58,700. The following additional information is available:
 

Required:
1. Prepare an estimate of ending merchandise inventory using the retail method.

2. Calculate the cost of the stolen inventory.

Ontario Skateboard Company has the following inventory and purchases during the fiscal year ended December 31, 2023.
 

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.)

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 costs to two decimal places.)

What is flexible pricing so important? Consider your approach to handling a shortage and surplus if you were a store manager. Using a recent purchase that you had to make, explain how the law of demand applies. 
Also remember to use keywords such as consumer surplus, equilibrium, factors of production, inputs, Law of demand, normal good, surplus, short gate, price floor, etc….

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