Beginning Inventory
289
units
@
$
79/unit
March
10
purchased
210
units
@
$
82/unit
March
20
sold
405
units
@
$
165/unit
May
13
purchased
302
units
@
$
76/unit
August
5
purchased
281
units
@
$
70/unit
September
10
sold
500
units
@
$
165/un
Ontario Skateboard Company has the following inventory and purchases during the fiscal year ended December 31, 2023.
Beginning Inventory
289
units
@
$
79/unit
March
10
purchased
210
units
@
$
82/unit
March
20
sold
405
units
@
$
165/unit
May
13
purchased
302
units
@
$
76/unit
August
5
purchased
281
units
@
$
70/unit
September
10
sold
500
units
@
$
165/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.)
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.)
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.)
Related questions
Calculating Weighted-Average Cost Inventory Values
The Mann Corporation began operations in 2015. Informationrelating to the companyâs purchases of inventory and sales ofproducts for 2015 and 2016 is presented below
| 2015 | ||||||
|---|---|---|---|---|---|---|
| March 1 | Purchase | 200 | units | @ | $10 | per unit |
| June 1 | Sold | 120 | units | @ | $25 | per unit |
| September 1 | Purchase | 100 | units | @ | $14 | per unit |
| November 1 | Sold | 130 | units | @ | $25 | per unit |
| 2016 | ||||||
|---|---|---|---|---|---|---|
| March 1 | Purchase | 100 | units | @ | $16 | per unit |
| June 1 | Sold | 80 | units | @ | $30 | per unit |
| September 1 | Purchase | 100 | units | @ | $18 | per unit |
| November 1 | Sold | 100 | units | @ | $35 | per unit |
Calculate the weighted-average cost of goods sold and endinginventory for 2015 and 2016 assuming use of (a) the periodic methodand (b) the perpetual method.
a. Weighted-Average Periodic. Do not round your cost per unit.Do not round until your final answer. Round your answers to thenearest whole number.
| 2015 | |
|---|---|
| Cost of goods sold | $Answer |
| Ending inventory | $Answer |
| 2016 | |
|---|---|
| Cost of goods sold | $Answer |
| Ending inventory | $Answer |
b. Weighted-Average Perpetual. Do not round your cost per unit.Do not round until your final answer. Round your answers to thenearest whole number.
| 2015 | |
|---|---|
| Cost of goods sold | $Answer |
| Ending inventory | $Answer |
| 2016 | |
|---|---|
| Cost of goods sold | $Answer |
| Ending inventory |
