Required:1. Calculate the dollar value of ending inventory and cost of goods soleanswers to 2 decimal places.)Ending InventoryCost of GoodsSolda. FIFOb. Moving weighted average2. Using your calculations from Part 1, complete the following schedule:decimal places.)FIFOMoving WeightedAverageSalesCost of goods soldGross profit dGale Company has the following inventory and purchases during the fBeginning InventoryFeb. 10 purchasedFeb. 20 sold83/unit87/unit295 units @ $210 units @ $375 units @ $units @ $163/unitMar. 13 purchased81/unit277260 units @ $Sept. 5purchased67/unitOct. 10 sold515 units @ $ 163/unitGale Company employs a perpetual inventory system.Required:1. Calculate the dollar value of ending inventory and cost of goods soldanswers to 2 decimal places.)Ending InventoryCost of GoodsSolda. FIFOb. Moving weighted average

The inventory can be valued using various methods as FIFO, LIFO and moving average method. Gross…

Answered: Required: 1. Calculate the dollar value…

Required: 1. Calculate the dollar value of ending inventory and cost of goods answers to 2 decimal places.) Ending Inventory Cost of Goods Sold a. FIFO b. Moving weighted average

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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Concept explainers

Overheads

In cost accounting, overhead refers to those expenses which occur during the operating of a business. Overhead includes the fixed, variable, or semi-variable which is not directly involved with a company product or service. It is very important to analyze overhead expense as it helps the company in determining how much a company must charge for its products and services so that they can generate profit. Overhead expenses depend upon the nature of the business operations.

Question

Required:
1. Calculate the dollar value of ending inventory and cost of goods sole
answers to 2 decimal places.)
Ending Inventory
Cost of Goods
Sold
a. FIFO
b. Moving weighted average
2. Using your calculations from Part 1, complete the following schedule:
decimal places.)
FIFO
Moving Weighted
Average
Sales
Cost of goods sold
Gross profit

d
Gale Company has the following inventory and purchases during the f
Beginning Inventory
Feb. 10 purchased
Feb. 20 sold
83/unit
87/unit
295 units @ $
210 units @ $
375 units @ $
units @ $
163/unit
Mar. 13 purchased
81/unit
277
260 units @ $
Sept. 5
purchased
67/unit
Oct. 10 sold
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
answers to 2 decimal places.)
Ending Inventory
Cost of Goods
Sold
a. FIFO
b. Moving weighted average

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