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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 295 units es 83/unit 210 units es 87/unit 375 units @$ 163/unit 277 units es 81/unit 260 units es 67/unit 515 units es 163/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 Sales Cost of goods sold Gross profit 2. Using your calculations from Part 1, complete the following schedule: (Round your intermediate calculations and final answers to decimal places.) FIFO 72,428.00 Moving Weighted Average

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 295 units es 83/unit 210 units es 87/unit 375 units @$ 163/unit 277 units es 81/unit 260 units es 67/unit 515 units es 163/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 Sales Cost of goods sold Gross profit 2. Using your calculations from Part 1, complete the following schedule: (Round your intermediate calculations and final answers to decimal places.) FIFO 72,428.00 Moving Weighted Average

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 295 units @s 83/unit 210 units @$ 87/unit 375 units @$ 163/unit 277 units @s 81/unit 260 units es 67/unit 515 units @$ 163/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 Sales Cost of goods sold Gross profit Cost of Goods Sold FIFO $ 2. Using your calculations from Part 1, complete the following schedule: (Round your intermediate calculations and final answers to 2 decimal places.) 72,428.00 Moving Weighted Average
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 295 units @s 83/unit 210 units @$ 87/unit 375 units @$ 163/unit 277 units @s 81/unit 260 units es 67/unit 515 units @$ 163/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 Sales Cost of goods sold Gross profit Cost of Goods Sold FIFO $ 2. Using your calculations from Part 1, complete the following schedule: (Round your intermediate calculations and final answers to 2 decimal places.) 72,428.00 Moving Weighted Average
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