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.)

Montoure Company uses a perpetual inventory system. It enteredinto the following calendar-year 2013 purchases and salestransactions.

Date Activities Units Acquired at Cost Units Sold atRetail
Jan. 1 Beginning inventory 600 units @ $ 60/unit
Feb. 10 Purchase 480 units @ $ 57/unit
Mar. 13 Purchase 120 units @ $ 42/unit
Mar. 15 Sales 785 units @ $ 80 /unit
Aug. 21 Purchase 180 units @ $ 65/unit
Sept. 5 Purchase 470 units @ $ 63/unit
Sept. 10 Sales 650 units @ $ 80 /unit



Totals 1,850 units 1,435 units

Compute the cost assigned to ending inventory using (a)FIFO, (b) LIFO, (c) weighted average, and(d) specific identification. For specific identificationunits sold consist of 600 units from beginning inventory, 380 fromthe February 10 purchase, 120 from the March 13 purchase, 130 fromthe August 21 purchase, and 205 from the September 5 purchase.(Round your average cost per unit to 2 decimalplaces.)

Compute gross profit earned by the company for each of the fourcosting methods. (Round your average cost per unit to 2decimal places.)

During March, Capsule Corp. reported a beginning inventory of apopular capsule of 1,200 units, all at $30/unit. The company uses aperpetual inventory system and the LIFO inventory costing method.These transactions occurred during the month:

5 March: Purchased 500 units at $32/unit

8 March: Returned 200 units originally purchased on 5 March.

11 March: Sold 700 Units for $50/unit

16 March: Sold 300 units for 55/unit

22 March: Purchased 800 units at $35/unit

24 March: Received an allowance of $1,600 for units purchased on22 March.

29 March: Sold 1,000 units for $53/unit

1. Find the cost of goods sold, and the value of endinginventory