Gale Company has the following inventory and purchases during the fiscal year ended December 31, 2020. Beginning Inventory Feb. 10 purchased Feb. 20 sold Mar. 13. purchased. Sept. 5 purchased Oct. 10 sold. 300 units @ $ 215 units @ $ 380 units @ $ 273 units @ $ 265 units @ $ 520 units @ $ a. FIFO b. Moving weighted average Gale Company employs a perpetual inventory 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.) 84/unit 88/unit 164/unit 82/unit 68/unit 164/unit Ending Inventory Cost of Goods Sold
Gale Company has the following inventory and purchases during the fiscal year ended December 31, 2020. Beginning Inventory Feb. 10 purchased Feb. 20 sold Mar. 13. purchased. Sept. 5 purchased Oct. 10 sold. 300 units @ $ 215 units @ $ 380 units @ $ 273 units @ $ 265 units @ $ 520 units @ $ a. FIFO b. Moving weighted average Gale Company employs a perpetual inventory 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.) 84/unit 88/unit 164/unit 82/unit 68/unit 164/unit Ending Inventory Cost of Goods Sold
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Gale Company has the following inventory and purchases during the fiscal year ended December 31, 2020.
Beginning Inventory
Feb. 10 purchased
Feb. 20 sold
Mar. 13 purchased
Sept. 5 purchased
Oct. 10 sold
a. FIFO
b. Moving weighted average
300 units @ $
215 units @ $
Sales
Cost of goods sold
Gross profit
FIFO
380 units @$164/unit
273 units @ $
265 units @ $
520 units @ $
Gale Company employs a perpetual inventory 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.)
84/unit
88/unit
Ending Inventory
82/unit
68/unit
164/unit
2. Using your calculations from Part 1, complete the following schedule: (Round your intermediate calculations and final answers to 2
decimal places.)
Cost of Goods
Sold
Moving Weighted
Average
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