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 295 units es 83/unit 210 units es 87/unit 375 units @$ 163/unit 277 units es 81/unit 260 units es 67/unit 515 units es 163/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 Sales Cost of goods sold Gross profit 2. Using your calculations from Part 1, complete the following schedule: (Round your intermediate calculations and final answers to decimal places.) FIFO 72,428.00 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 purchased Oct. 10 sold 295 units es 83/unit 210 units es 87/unit 375 units @$ 163/unit 277 units es 81/unit 260 units es 67/unit 515 units es 163/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 Sales Cost of goods sold Gross profit 2. Using your calculations from Part 1, complete the following schedule: (Round your intermediate calculations and final answers to decimal places.) FIFO 72,428.00 Moving Weighted Average

Name: Vipul bhi Don't upload any image please Gale Company has the following
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Description: Vipul bhi Don't upload any image please Gale Company has the following inventory and purchases during the fiscal year ended December 31, 2023.Beginning InventoryFeb. 10 purchasedFeb. 20 soldMar. 13 purchasedSept. 5 purchasedOct. 10 sold295 units @s 8

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 Sept. 5 Oct. 10 sold purchased purchased 365 units @$ 73/unit 280 units @$ 77/unit 445 units @ $ 153/unit 221 units @ $ 71/unit 330 units @$ 57/unit 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.) a. FIFO b. Moving weighted average Ending Inventory Cost of Goods Sold
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 Gale Company employs a perpetual inventory system. 315 units @ $ 230 units @ $ 395 units @ $ 261 units @ $ 87/unit 91/unit 167/unit 85/unit 280 units @ $ 71/unit 535 units @ $ 167/unit 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 101 Ending Inventory DOOGGE ERLEBNI Cost of Goods Sold 900 1001 SHREE 2. Using your calculations from Part 1, complete the following schedule: (Round your intermediate calculations and final answers to 2 B
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
d Gale Company has the following inventory and purchases during the f Beginning Inventory Feb. 10 purchased Feb. 20 sold 83/unit 87/unit 295 units @ $ 210 units @ $ 375 units @ $ units @ $ 163/unit Mar. 13 purchased 81/unit 277 260 units @ $ Sept. 5 purchased 67/unit Oct. 10 sold 515 units @ $ 163/unit Gale Company employs a perpetual inventory system. Required: 1. Calculate the dollar value of ending inventory and cost of goods sold answers to 2 decimal places.) Ending Inventory Cost of Goods Sold a. FIFO b. Moving weighted average
Gale Company has the following inventory and purchases during the fiscal year ended December 31, 2023. Beginning Inventory 10 purchased sold purchased purchased Feb. Feb. 20 Mar. 13 Sept. 5 Oct. 10 sold 315 units @ $ 230 units @ $ 395 units @$ 261 units @ $ 280 units @ $ 535 units @$ a FIFO b. Moving weighted average 87/unit 91/unit 167/unit Gale Company employs a perpetual inventory system. 85/unit 71/unit 167/unit 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
Mission Company provided the following information for the year 2021: Jan. 01 Inventory on hand 200 units @ P1,500 Apr. 03 Purchases 300 units @ P1,750 Oct. 01 Purchases 500 units @ P2,000 The entity sold 400 units on June 25 and 400 units on December 10. Using the FIFO method, what is the unit cost of the ending inventory?
Hall Company’s beginning inventory and purchases during the fiscal year ended December 31, 20--, were as follows: UnitsUnit PriceTotal CostJanuary 1Beginning inventory800$11.00$8,800March 51st purchase60012.007,200April 162nd purchase50012.506,250June 33rd purchase70014.009,800August 184th purchase80015.0012,000September 135th purchase90017.0015,300November 146th purchase40018.007,200December 37th purchase50020.3010,150 5,200 $76,700 There are 1,100 units of inventory on hand on December 31.Required:1.Calculate the total amount to be assigned to the ending inventory and cost of goods sold on December 31 under each of the following methods:(a)FIFO(b)LIFO(c)Weighted-average (round calculations to two decimal places)2.Assume that the market price per unit (cost to replace) of Hall’s inventory on December 31 was $16. Calculate the total amount to be assigned to the ending inventory on December 31 under each of the following methods:(a)FIFO lower-of-cost-or-market(b)Weighted-average…
The inventory records of Kuffel Co. reflected the following information for the year ended December 31, 2019: Date Transaction Numberof Units UnitCost TotalCost 1/1 Beginning inventory 150 $ 34 $ 5,100 1/24 Purchase 70 31 2,170 2/22 Sale (100 ) - - 3/7 Purchase 90 36 3,240 4/10 Purchase 140 38 5,320 6/11 Sale (100 ) - - 9/28 Purchase 50 39 1,950 12/4 Sale (100 ) - - Required:a. Assume that Kuffel Co. uses a periodic inventory system. Calculate cost of goods sold and ending inventory under FIFO and LIFO. b. Assume that Kuffel Co. uses a perpetual inventory system. Calculate cost of goods sold and ending inventory under FIFO and LIFO.
The inventory records of Kuffel Co. reflected the following information for the year ended December 31, 2019: Date Transaction Numberof Units UnitCost TotalCost 1/1 Beginning inventory 150 $ 33 $ 4,950 1/24 Purchase 70 31 2,170 2/22 Sale (100 ) - - 3/7 Purchase 90 40 3,600 4/10 Purchase 140 39 5,460 6/11 Sale (100 ) - - 9/28 Purchase 50 35 1,750 12/4 Sale (100 ) - - Required:a. Assume that Kuffel Co. uses a periodic inventory system. Calculate cost of goods sold and ending inventory under FIFO and LIFO. b. Assume that Kuffel Co. uses a perpetual inventory system. Calculate cost of goods sold and ending inventory under FIFO and LIFO. c. LIFO results are different for parts a and b as timing of the application of LIFO rules is relevant.multiple choice True False
Liverpool Company uses a perpetual inventory system. The following table shows the beginning inventory, the purchases and sales of product X during the current year 2019: Date Description Quantity (unit) Unit Total Cost 13 Jan 10 Apr 21 Jul 18 Aug 23 Oct 11 Nov Beginning inventory Purchases Purchases Sales Purchases Sales 60 $100 $6,000 $4,800 $12,000 40 $120 100 $120 80 160 $110 S17,600 50 Required: (SHOW WORKINGS) Using First-In, First-Out (FIFO) method, calculate (i) and (ii): (i) Cost of Goods Sold for the year ended 31 December 2019. (ii) the cost of Ending Inventory as at 31 December 2019.
The inventory records of Kuffel Company reflected the following information for the year ended December 31, 2022: Number of Units 150 70 Date 1/1 1/24 2/22 3/7 4/10 6/11 9/28 12/4 Transaction Beginning inventory Purchase. Sale Purchase Purchase Sale! Purchase Sale (100) 90 140 (100) 50 (100) Unit Cost Total Cost $28 33 0 39 35 0 39 0 $4,200 2,310 0 3,510 4,900 0 1,950 0 Required: a. Assume that Kuffel Company uses a periodic inventory system. Calculate cost of goods sold and ending inventory under FIFO and LIFO. b. Assume that Kuffel Company uses a perpetual inventory system. Calculate cost of goods sold and ending inventory under FIFO and LIFO. c. LIFO results are different for parts a and b as timing of the application of LIFO rules is relevant.
Mission Company provided the following information for the year 2021: Jan. 01 Inventory on hand 200 units @ P1,500 Apr. 03 Purchases 300 units @ P1,750 Oct. 01 Purchases 500 units @ P2,000 The entity sold 400 units on June 25 and 400 units on December 10. Using the FIFO method, what is the cost of goods available for sale? A) 1,000,000 1,175,000 1,525,000 1,825,000 Lo Tyne here to search