2. Using your calculations from Part 1, complete the following schedule: (Round your intermediate calculations and final answers to 2decimal places.)SalesCost of goods soldGross profitFIFOMoving WeightedAverage Gale Company has the following inventory and purchases during the fiscal year ended December 31, 2023.Beginning Inventory10 purchasedsoldpurchasedpurchasedFeb.Feb. 20Mar. 13Sept. 5Oct. 10 sold315 units @ $230 units @ $395 units @$261 units @ $280 units @ $535 units @$a FIFOb. Moving weighted average87/unit91/unit167/unitGale Company employs a perpetual inventory system.85/unit71/unit167/unitRequired:1. Calculate the dollar value of ending inventory and cost of goods sold using: (Round your intermediate calculations and finalanswers to 2 decimal places.)Ending InventoryCost of GoodsSold

Name: 2. Using your calculations from Part 1, complete the following schedu
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Description: 2. Using your calculations from Part 1, complete the following schedule: (Round your intermediate calculations and final answers to 2decimal places.)SalesCost of goods soldGross profitFIFOMoving WeightedAverage Gale Company has the following invento

There are various methods for calculating inventory .They are FIFO, LIFO and moving average…

Business

Accounting

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. 5 purchased Oct. 10 sold 315 units @$ 87/unit 230 units @$ 91/unit 395 units @$ 167/unit 261 units @$ 85/unit 280 units @$ 71/unit 535 units @$ 167/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 calculation answers to 2 decimal places.)

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. 5 purchased Oct. 10 sold 315 units @$ 87/unit 230 units @$ 91/unit 395 units @$ 167/unit 261 units @$ 85/unit 280 units @$ 71/unit 535 units @$ 167/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 calculation answers to 2 decimal places.)

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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