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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 355 units @s 75/unit 270 units @s 79/unit 435 units @s 155/unit 229 units @s 73/unit 320 units @s 59/unit 575 units @s 155/unit. 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.) a FIFO b. Moving weighted average 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 355 units @s 75/unit 270 units @s 79/unit 435 units @s 155/unit 229 units @s 73/unit 320 units @s 59/unit 575 units @s 155/unit. 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.) a FIFO b. Moving weighted average Ending Inventory Cost of Goods Sold

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Gale Company has the following inventory and purchases during the fiscal year ended December 31, 2020 Beginning Inventory Feb. 18 purchased Feb. 20 sold Mar. 13 purchased Sept. 5 purchased Oct. 10 sold 355 units @$ 75/unit 270 units @$ 79/unit 435 units @5 155/unit 229 units @s 73/unit 320 units @$ 59/unit 575 units @5 155/unit 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 onswers to 2 decimal places.) a FIFO b. Moving weighted average Ending Inventory Cost of Goods Sold
Transcribed Image Text:Gale Company has the following inventory and purchases during the fiscal year ended December 31, 2020 Beginning Inventory Feb. 18 purchased Feb. 20 sold Mar. 13 purchased Sept. 5 purchased Oct. 10 sold 355 units @$ 75/unit 270 units @$ 79/unit 435 units @5 155/unit 229 units @s 73/unit 320 units @$ 59/unit 575 units @5 155/unit 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 onswers to 2 decimal places.) a FIFO b. Moving weighted average Ending Inventory Cost of Goods Sold
2. Using your calculations from Part 1, complete the following schedule: (Round your intermediate calculations and final answers to 2 decimal places.) Sales Cost of goods sold Gross profit FIFO Moving Weighted Average
Transcribed Image Text:2. Using your calculations from Part 1, complete the following schedule: (Round your intermediate calculations and final answers to 2 decimal places.) Sales Cost of goods sold Gross profit FIFO Moving Weighted Average
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