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Gale Company has the following inventory and purchases during the fiscal year ended December 31, 2023. 285 units @s 200 units @s 365 units es 285 units @s 250 units es ses units @s 81/unit 85/unit 161/unit 79/unit 65/unit 161/unit Beginning Inventory Feb. 10 purchased Feb. 20 sold 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 calculation answers to 2 decimel plecer!

Gale Company has the following inventory and purchases during the fiscal year ended December 31, 2023. 285 units @s 200 units @s 365 units es 285 units @s 250 units es ses units @s 81/unit 85/unit 161/unit 79/unit 65/unit 161/unit Beginning Inventory Feb. 10 purchased Feb. 20 sold 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 calculation answers to 2 decimel plecer!

FINANCIAL ACCOUNTING
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 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 >
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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