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.)
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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.)
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Related questions
The college campus bookstore uses a periodic inventory system.The bookstore purchases 420 copies of a textbook at $66 each inJune, 975 copies in August at $68 each, and 600 copies in Decemberat $71 each. The bookstore sold 1,890 copies of the textbook duringthe year.
Required: Calculate the company's endinginventory and cost of goods sold using the each of followinginventory costing methods.
A) FIFO
Cost of Goods Sold:
Ending Inventory:
B) LIFO
Cost of Goods Sold:
Ending Inventory:
| Weighted Average cost method. (Round your intermediate calculationsto 2 decimal places and final answers to the nearest dollaramount.)
|
Consider the following inventory transactions for September.
For the month of September, the company sold 33 units. What iscost of goods sold under the weighted-average cost method?(Do not round your intermediate calculations. Round theweighted-average unit cost to four decimals if necessary. Roundyour answer to the nearest dollar amount.) $112 $99 $93 $135 |
Eggers Company reports the following for the month ofJune.
Date | Explanation | Units | Unit Cost | Total Cost | ||||
| June 1 | Inventory | 228 | $9 | $ 2,052 | ||||
| 12 | Purchases | 702 | 11 | 7,722 | ||||
| 23 | Purchases | 379 | 13 | 4,927 | ||||
| 30 | Inventory | 436 |
Calculate weighted-average unit cost. (Round answersto 3 decimal places, e.g. 5.125.)
Compute the cost of the ending inventory and the cost of goodssold under FIFO, LIFO, and average-cost. (Round answersto 0 decimal places, e.g. 125.)
