brightoneodiwuor

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.
 

          Beginning Inventory   295 units @ $ 82/unit   March 10 purchased   197 units @ $ 85/unit   March 20 sold   341 units @ $ 160/unit   May 13 purchased   302 units @ $ 80/unit   August  5 purchased   283 units @ $ 69/unit   September 10 sold   505 units @ $ 160/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.)

 

Sporting Pro wants to prepare interim financial statements for the first quarter of 2023 but would like to avoid making a physical count of inventory. During the last five years, the company’s gross profit rate has averaged 25%. The following information for the year’s first quarter is available from its records:
 

        January 1 beginning inventory $ 250,260   Purchases   895,200   Purchase returns   12,050   Transportation-in   5,900   Sales   1,091,150   Sales returns   8,950  

Required:
Use the gross profit method to prepare an estimate of the company’s March 31 inventory.

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 $58,100. The following additional information is available:
 

  At Cost   At Retail   Beginning merchandise inventory $ 74,600   $ 93,350   Purchase returns and allowances   14,600     19,600   Purchases   1,203,910     1,732,250   Transportation-in   18,350         Sales         1,638,500   Sales returns and allowances         17,600  

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

2. Calculate the cost of the stolen inventory.