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 i Sept. 5 purchased. Oct. 10 sold 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 330 units @s 90/unit 245 units @$ 94/unit 410 units @$ 170/unit 249 units @$ 88/unit 295 units @$ 74/unit 550 units @s 170/unit Ending Inventory $ S Cost of Goods Sold 29,530 00 S 26,705.00 $ 64,470 00 67,295 00
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 i Sept. 5 purchased. Oct. 10 sold 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 330 units @s 90/unit 245 units @$ 94/unit 410 units @$ 170/unit 249 units @$ 88/unit 295 units @$ 74/unit 550 units @s 170/unit Ending Inventory $ S Cost of Goods Sold 29,530 00 S 26,705.00 $ 64,470 00 67,295 00
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
100%
Note:-
- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism.
- Answer completely.
- You will get up vote for sure.
Transcribed Image Text:Gale Company has the following inventory and purchases during the fiscal year ended December 31, 2023.
330 units @s 90/unit
245 units @$ 94/unit
Beginning Inventory
Feb. 10 purchased.
Feb. 20 sold
Mar. 13 purchased
Sept. 5 purchased
Oct. 10 sold
410 units @$
249 units @
295 units @$
550 units @s 170/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 final
answers to 2 decimal places.)
170/unit
88/unit
74/unit
Ending Inventory
S
$
Cost of Goods
Sold
29,530 00 S
26,705.00 $
64,470 00
67,295.00
a
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 4 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