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 285 units @$ 81/unit 200 units @$ 85/unit 365 units @$ 161/unit 285 units @$ 79/unit 250 units @$ 65/unit 505 units @$ 161/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 285 units @$ 81/unit 200 units @$ 85/unit 365 units @$ 161/unit 285 units @$ 79/unit 250 units @$ 65/unit 505 units @$ 161/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
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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
285 units @$
200 units @$
365 units @$
285 units @$
a FIFO
b. Moving weighted average
81/unit
85/unit
161/unit
79/unit
65/unit
250 units @$
505 units @$ 161/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.)
Ending Inventory
Cost of Goods
Sold
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