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 Oct. 10 sold purchased a. FIFO b. Moving weighted average 365 units @ $ 280 units @$ 445 units @ $ 221 units @ $ 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.) Sales Cost of goods sold Gross profit 73/unit 77/unit 153/unit 71/unit 330 units @ $ 57/unit 585 units @$ 153/unit Ending Inventory FIFO 2. Using your calculations from Part 1, complete the following schedule: (Round your intermediate calculations and final answers decimal places.) Cost of Goods Sold 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 Oct. 10 sold purchased a. FIFO b. Moving weighted average 365 units @ $ 280 units @$ 445 units @ $ 221 units @ $ 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.) Sales Cost of goods sold Gross profit 73/unit 77/unit 153/unit 71/unit 330 units @ $ 57/unit 585 units @$ 153/unit Ending Inventory FIFO 2. Using your calculations from Part 1, complete the following schedule: (Round your intermediate calculations and final answers decimal places.) Cost of Goods Sold Moving Weighted Average
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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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
a. FIFO
b. Moving weighted average
365 units @ $
280 units @ $
445 units @ $
221 units @ $
330 units @ $
585 units @ $ 153/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.)
Sales
Cost of goods sold
Gross profit
73/unit
77/unit
153/unit
Ending Inventory
71/unit
57/unit
FIFO
2. Using your calculations from Part 1, complete the following schedule: (Round your intermediate calculations and final answers to 2
decimal places.)
Cost of Goods
Sold
Moving Weighted
Average
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