Gale Company has the following inventory and purchases during the fiscal year ended December 31, 2023. Beginning Inventory Feb. 10 purchased Feb. 20 sold purchased 345 units @5 77/unit 260 units @5 81/unit 425 units @s 157/unit 237 units @s 75/unit 310 units @5 61/unit 565 units @s 157/unit Mar. 13 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

FINANCIAL ACCOUNTING
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ISBN:9781259964947
Author:Libby
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Chapter1: Financial Statements And Business Decisions
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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
345 units @$ 77/unit
260 units @s 81/unit
425 units @$ 157/unit
237 units @s 75/unit
310 units @s 61/unit
565 units @s 157/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
2. Using your calculations from Part 1, complete the following schedule: (Round your intermediate calculations and final answers to 2
decimal places.)
CICA
Moving Weighted
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 345 units @$ 77/unit 260 units @s 81/unit 425 units @$ 157/unit 237 units @s 75/unit 310 units @s 61/unit 565 units @s 157/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 2. Using your calculations from Part 1, complete the following schedule: (Round your intermediate calculations and final answers to 2 decimal places.) CICA Moving Weighted
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