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 370 units @ $ 285 units @ $ 450 units @ $ 217 units @ $ 335 units @ $ 590 units @$ 152/unit a FIFO b. Moving weighted average 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 fin answers to 2 decimal places.) 72/unit 76/unit 152/unit 70/unit 56/unit Ending Inventory Cost of Goods Sold
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 370 units @ $ 285 units @ $ 450 units @ $ 217 units @ $ 335 units @ $ 590 units @$ 152/unit a FIFO b. Moving weighted average 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 fin answers to 2 decimal places.) 72/unit 76/unit 152/unit 70/unit 56/unit Ending Inventory Cost of Goods Sold
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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
370 units @ $
285 units @ $
450 units @ $
217 units @ $
335 units @ $ 56/unit
590 units @ $ 152/unit
72/unit
76/unit
152/unit
70/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
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