CHECK FIGURES: 1. Ending inventory: a. $9,600.00; b. $10,982.30 Gale Company has the following inventory and purchases during the fiscal year ended December 31, 2020. Gale Company employs a perpetual inventory system. Required 1. Calculate the dollar value of ending inventory and cost of goods sold using: a. FIFO b. Moving weighted average. Round all unit costs to two decimal places. 2. Using your calculations from Part 1, complete the following schedule: Beginning inventory. Feb. 10 purchased.. Feb. 20 sold. Mar. 13 purchased.. Sept. 5 purchased. Oct. 10 sold.. 280 units 195 units 360 units 290 units 255 units 510 units 1 4 Ⓡ * Ⓡ G $80/unit $84/unit $160/unit $78/unit $64/unit $160/unit

CHECK FIGURES: 1. Ending inventory: a. $9,600.00; b. $10,982.30 Gale Company has the following inventory and purchases during the fiscal year ended December 31, 2020. Gale Company employs a perpetual inventory system. Required 1. Calculate the dollar value of ending inventory and cost of goods sold using: a. FIFO b. Moving weighted average. Round all unit costs to two decimal places. 2. Using your calculations from Part 1, complete the following schedule: Beginning inventory. Feb. 10 purchased.. Feb. 20 sold. Mar. 13 purchased.. Sept. 5 purchased. Oct. 10 sold.. 280 units 195 units 360 units 290 units 255 units 510 units 1 4 Ⓡ * Ⓡ G $80/unit $84/unit $160/unit $78/unit $64/unit $160/unit

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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