FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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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
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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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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