Gale Company has the following inventory and purchases during the fiscal year ended December 31, 2020. Beginning Inventory 290 units @ $ 82/unit Feb. 10 purchased 205 units @ $ 86/unit Feb. 20 sold 370 units @ $ 162/unit Mar. 13 purchased 281 units @ $ 80/unit Sept. 5 purchased 255 units @ $ 66/unit Oct. 10 sold 510 units @ $ 162/unit Gale Company uses a periodic inventory costing system Required: 1. Calculate the dollar value of ending inventory and cost of goods sold using: (Round your intermediate calculations and final answers to 2 decimal places.) (Image attached)
Gale Company has the following inventory and purchases during the fiscal year ended December 31, 2020. Beginning Inventory 290 units @ $ 82/unit Feb. 10 purchased 205 units @ $ 86/unit Feb. 20 sold 370 units @ $ 162/unit Mar. 13 purchased 281 units @ $ 80/unit Sept. 5 purchased 255 units @ $ 66/unit Oct. 10 sold 510 units @ $ 162/unit Gale Company uses a periodic inventory costing system Required: 1. Calculate the dollar value of ending inventory and cost of goods sold using: (Round your intermediate calculations and final answers to 2 decimal places.) (Image attached)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Gale Company has the following inventory and purchases during the fiscal year ended December 31, 2020.
| Beginning Inventory | 290 | units | @ | $ | 82/unit | ||||
| Feb. | 10 | purchased | 205 | units | @ | $ | 86/unit | ||
| Feb. | 20 | sold | 370 | units | @ | $ | 162/unit | ||
| Mar. | 13 | purchased | 281 | units | @ | $ | 80/unit | ||
| Sept. | 5 | purchased | 255 | units | @ | $ | 66/unit | ||
| Oct. | 10 | sold | 510 | units | @ | $ | 162/unit | ||
Gale Company uses a periodic inventory costing system
Required:
1. Calculate the dollar value of ending inventory and cost of goods sold using: (Round your intermediate calculations and final answers to 2 decimal places.)
(Image attached)
Transcribed Image Text:Gale Company has the following inventory and purchases during the fiscal year ended December 31, 2020.
Beginning Inventory
purchased
290 units @ $ 82/unit
205 units @ $ 86/unit
370 units @ $ 162/unit
281 units @ $ 80/unit
255 units @ $ 66/unit
510 units @ $ 162/unit
Feb. 10
sold
13 purchased
purchased
sold
Feb.
20
Mar.
Sept. 5
Oct.
10
Gale Company uses a periodic inventory costing system.
Required:
1. Calculate the dollar value of ending inventory and cost of goods sold using: (Round your intermediate calculations and final
answers to 2 decimal places.)
Cost of goods
sold
Ending inventory
a. FIFO
b. Moving weighted average
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