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 340 units @ $ 78/unit 255 units @ $82/unit 420 units @ $158/unit 241 units @ $ 76/unit 305 units @ $ 62/unit 560 units @ $158/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.) a FIFO b. Moving weighted average Ending inventory $ 48,706.00 Cost of goods sold $ 61,560.00

FINANCIAL ACCOUNTING
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ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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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 340 units @ $ 78/unit 255 units @ $82/unit 420 units @ $158/unit 241 units @ $ 76/unit 305 units @ $ 62/unit 560 units @ $158/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.) a FIFO b. Moving weighted average Ending inventory $ 48,706.00 Cost of goods sold $ 61,560.00
 
Gale Company has the following inventory and purchases during the fiscal year ended December 31, 2023
Beginning Inventory
Feb. 10 purchased
Feb. 20 sold
purchased
Mar. 13
Sept. 5 purchased
Oct. 10 sold
340 units @ 78/unit
255 units @s 02/unit
420 units $158/unit
241 units @1 76/unit
305 units @$ 62/unit
560 units @$158/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.)
a FIFO
b Moving weighted average
Ending inventory
$
48,706 00
Cost of goods
sold
$
61,560.00
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 purchased Mar. 13 Sept. 5 purchased Oct. 10 sold 340 units @ 78/unit 255 units @s 02/unit 420 units $158/unit 241 units @1 76/unit 305 units @$ 62/unit 560 units @$158/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.) a FIFO b Moving weighted average Ending inventory $ 48,706 00 Cost of goods sold $ 61,560.00
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