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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 purchased Sept. 5 Oct. 10 sold 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 365 units es 73/unit 280 units es 77/unit 445 units es 153/unit 221 units es 71/unit 330 units es 57/unit 585 units es 153/unit Sales Cost of goods sold Gross profit Ending Inventory 2. Using your calculations from Part 1, complete the following schedule: (Round your intermediate calculations and final answers to 2 decimal places.) FIFO Cost of Goods Sold Moving Weighted Average

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 purchased Sept. 5 Oct. 10 sold 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 365 units es 73/unit 280 units es 77/unit 445 units es 153/unit 221 units es 71/unit 330 units es 57/unit 585 units es 153/unit Sales Cost of goods sold Gross profit Ending Inventory 2. Using your calculations from Part 1, complete the following schedule: (Round your intermediate calculations and final answers to 2 decimal places.) FIFO Cost of Goods Sold Moving Weighted Average

FINANCIAL ACCOUNTING
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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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 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 365 units @s 73/unit 280 units es 77/unit 445 units es 153/unit 221 units es 71/unit 330 units es 57/unit 585 units es 153/unit Sales Cost of goods sold Gross profit Ending Inventory 2. Using your calculations from Part 1, complete the following schedule: (Round your intermediate calculations and final answers to 2 decimal places.) FIFO Cost of Goods Sold Moving Weighted Average
Transcribed Image Text: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 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 365 units @s 73/unit 280 units es 77/unit 445 units es 153/unit 221 units es 71/unit 330 units es 57/unit 585 units es 153/unit Sales Cost of goods sold Gross profit Ending Inventory 2. Using your calculations from Part 1, complete the following schedule: (Round your intermediate calculations and final answers to 2 decimal places.) FIFO Cost of Goods Sold Moving Weighted Average
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