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 310 units @ $ 225 units @ $ 390 units @$ 265 units @ $ 275 units @ $ 86/unit 90/unit 166/unit 84/unit 70/unit 530 units @ $ 166/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
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 310 units @ $ 225 units @ $ 390 units @$ 265 units @ $ 275 units @ $ 86/unit 90/unit 166/unit 84/unit 70/unit 530 units @ $ 166/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
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Topic Video
Question
Please do not give solution in image format thanku
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
310 units @ $
225 units @ $
390 units @ $
265 units @ $
275 units @ $
530 units @ $
a. FIFO
b. Moving weighted average
86/unit
90/unit
166/unit
84/unit
Gale Company employs a perpetual inventory system.
Required:
h
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
70/unit
166/unit
Cost of Goods
Sold
Transcribed Image Text:rint
2. Using your calculations from Part 1, complete the following schedule: (Round your intermediate calculations and final answers to 2
decimal places.)
Sales
Cost of goods sold
Gross profit
FIFO
Moving Weighted
Average
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 3 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education