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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 335 units 95 79/unit 250 units @s 83/unit 415 units @s 159/unit 245 units @s 77/unit 300 units @s 63/unit 555 units @s 159/unit Gale Company employs a perpetual inventory system. Required:

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 335 units 95 79/unit 250 units @s 83/unit 415 units @s 159/unit 245 units @s 77/unit 300 units @s 63/unit 555 units @s 159/unit Gale Company employs a perpetual inventory system. Required:

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 335 units @$ 79/unit 250 units @s 83/unit 415 units @s 159/unit 245 units es 77/unit a FIFO b. Moving weighted average. Saved 300 units @s 63/unit 555 units @s 159/unit Ending Inventory $ S 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.) Cost of Goods Sold 9,676.00 $ 11,133.001 Help 73,876.00 Save & Exit Submit
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 335 units @$ 79/unit 250 units @s 83/unit 415 units @s 159/unit 245 units es 77/unit a FIFO b. Moving weighted average. Saved 300 units @s 63/unit 555 units @s 159/unit Ending Inventory $ S 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.) Cost of Goods Sold 9,676.00 $ 11,133.001 Help 73,876.00 Save & Exit Submit
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