40 2 Gale Company has the following inventory and purchases during the fiscal year ended December 31, 2023. Beginning Inventory Feb. 10 purchased Feb. 20 sold Mar. 13 purchased Sept. S purchased Oct. 10 sold 330 units @ $ 245 units @$ 410 units @ $ 249 units @ $ 295 units @$ 550 units @$ 170/unit 90/unit 94/unit 170/unit 88/unit 74/unit Gale Company employs a perpetual inventory system. a. FIFO b. Moving weighted average Ending Inventory Required: 1. Calculate the dollar value of ending inventory and cost of goods sold using: (Round your intermediate calculations and fina answers to 2 decimal places.) A Cost of Goods Sold View previou

40 2 Gale Company has the following inventory and purchases during the fiscal year ended December 31, 2023. Beginning Inventory Feb. 10 purchased Feb. 20 sold Mar. 13 purchased Sept. S purchased Oct. 10 sold 330 units @ $ 245 units @$ 410 units @ $ 249 units @ $ 295 units @$ 550 units @$ 170/unit 90/unit 94/unit 170/unit 88/unit 74/unit Gale Company employs a perpetual inventory system. a. FIFO b. Moving weighted average Ending Inventory Required: 1. Calculate the dollar value of ending inventory and cost of goods sold using: (Round your intermediate calculations and fina answers to 2 decimal places.) A Cost of Goods Sold View previou

Name: 402Gale Company has the following inventory and purchases during the
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Description: 402Gale Company has the following inventory and purchases during the fiscal year ended December 31, 2023.Beginning InventoryFeb. 10 purchasedFeb. 20 soldMar. 13 purchasedSept. S purchasedOct. 10 sold330 units @ $245 units @$410 units @ $249 units @

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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A-1
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a1
Required information [The following information applies to the questions displayed below.] Hemming Company reported the following current-year purchases and sales for its only product. Date January 1 January 10 March 14 March 151 July 30 October 5 October 26 Activities beginning inventory Sales Purchase Sales Purchase Sales Purchase Totals Required: Hemming uses a perpetual inventory system. Units Acquired at Cost $11.40- 235 units 360 units 435 units 135 units 1,165 units $16.40- $21.40- $26.40- $ 2,679 5,904 9,309 3,564 $ 21,456 1. Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. 2. Determine the costs assigned to ending inventory and to cost of goods sold using LIFO. 3. Compute the gross profit for FIFO method and LIFO method. Units Sold at Retail 170 units 290 units 410 units 870 units $41.40 $41.40 @$41.40
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Question 2 Ontario Skateboard Company has the following inventory and purchases during the fiscal year ended December 31, 2020. Beginning Inventory March March 10 purchased 20sold 316 units @$77/unit 202 units @$80/unit 368 units @$147/unit May 13 purchased 271 units @ $73/unit August 5 purchased 268 units @$65/unit September 10sold 556 units @$147/unit Ontario Skateboard Company employs a perpetual inventory system. Required: 1. Calculate the dollar value of ending inventory and cost of goods sold using FIFO: (Do not round intermediate calculations. Round the final answers to 2 decimal places. Round weighted average all unit costs to two decimal places.)
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A-7
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