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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 375 units @$ 290 units @ $ 455 units @$ 71/unit 75/unit 151/unit 213 units @$ 69/unit 340 units @$ 55/unit Oct. 10 sold 595 units @$ 151/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.)

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 375 units @$ 290 units @ $ 455 units @$ 71/unit 75/unit 151/unit 213 units @$ 69/unit 340 units @$ 55/unit Oct. 10 sold 595 units @$ 151/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.)

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, 2023. Beginning Inventory Feb. 10 purchased Feb. 20 sold Mar. 13 purchased Sept. 5 purchased Oct. 10 sold 375 units @ $ 290 units @ $ 455 units @$ 213 units @ $ 340 units @ $ 595 units @ $ 151/unit Gale Company employs a perpetual inventory system. a FIFO b. Moving weighted average 71/unit 75/unit 151/unit 69/unit 55/unit 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.) Ending Inventory Cost of Goods Sold D 2. Using your calculations from Part 1, complete the following schedule: (Round your intermediate calculations and final answers to 2 decimal places.)
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 375 units @ $ 290 units @ $ 455 units @$ 213 units @ $ 340 units @ $ 595 units @ $ 151/unit Gale Company employs a perpetual inventory system. a FIFO b. Moving weighted average 71/unit 75/unit 151/unit 69/unit 55/unit 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.) Ending Inventory Cost of Goods Sold D 2. Using your calculations from Part 1, complete the following schedule: (Round your intermediate calculations and final answers to 2 decimal places.)
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