Niki.2 49%VPN10:20 AM | 2.4KB/s ✓Gale Company has the following inventory and purchases during the fiscal year ended December 31, 2023.Beginning Inventory.Feb. 10 purchasedFeb. 20 sold375 units @$ 71/unit290 units @s 75/unit455 units @s 151/unit213 units @$ 69/unit340 units #$ 55/unit595 units @s 151/unitMar. 13 purchasedSept. 5 purchasedOct. 10 soldGale 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 finalanswers to 2 decimal places.)a FIFOb. Moving weighted averageEnding InventoryCost of GoodsSold2. Using your calculations from Part 1, complete the following schedule: (Round your intermediate calculations and final answers to 2decimal places.)Show Transcribed Text●●●1expert.chegg.com/qna/authoring

FIFO-FIFO stands for First-in-first-out. It is a method of inventory valuation.. Under this method…

Answered: ses during the fiscal year ended…

ses during the fiscal year ended Decembe t t t it t st of goods sold using: (Round your inters Goods d 4 owing schedule: (Round your intermediat:

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
375 units @$ 71/unit
290 units @s 75/unit
455 units @s 151/unit
213 units @$ 69/unit
340 units #$ 55/unit
595 units @s 151/unit
Mar. 13 purchased
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
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.)
Show Transcribed Text
●●●
1
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