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Inventory Valuation
Before discussing the topic inventory valuation let’s discuss the meaning of inventory. In accounting, inventory is also known as stock. Inventory means all the finished goods, materials, merchandise that a business holds for the purpose of selling it in…
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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 285 units @s 81/unit 200 units @$ 85/unit 365 units @$ 161/unit 285 units @s 79/unit 250 units @$ 65/unit 505 units @$ 161/unit a FIFO b. Moving weighted average 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.) Ending Inventory Cost of Goods Sold Drou 5 of 6 Help Next >
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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 285 units @s 81/unit 200 units @$ 85/unit 365 units @$ 161/unit 285 units @s 79/unit 250 units @$ 65/unit 505 units @$ 161/unit a FIFO b. Moving weighted average 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.) Ending Inventory Cost of Goods Sold Drou 5 of 6 Help Next >
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