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 380 units @ $ 295 units @$ a. FIFO b. Moving weighted average 70/unit 74/unit 150/unit 68/unit 460 units @ $ 209 units @ $ 345 units @ $54/unit 600 units @ $ 150/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 2. Using your calculations from Part 1, complete the following schedule: (Round your intermediate calculations and final answers to 2 decimal places.)

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Inventory Valuation

Before discussing the topic inventory valuation let’s discuss the meaning of inventory. In accounting, inventory is also known as stock. Inventory means all the finished goods, materials, merchandise that a business holds for the purpose of selling it in the market with the motive of earning profit.