Gale Company has the following inventory and purchases during the fiscal year ended December 31, 2020. Beginning
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Question:
Gale Company has the following inventory and purchases during the fiscal year ended December 31, 2020.
Beginning Inventory | 360 | units | @ | $ | 74/unit | ||||
Feb. | 10 | purchased | 275 | units | @ | $ | 78/unit | ||
Feb. | 20 | sold | 440 | units | @ | $ | 154/unit | ||
Mar. | 13 | purchased | 225 | units | @ | $ | 72/unit | ||
Sept. | 5 | purchased | 325 | units | @ | $ | 58/unit | ||
Oct. | 10 | sold | 580 | units | @ | $ | 154/unit | ||
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
FIFO
Moving weighted average
Using your calculations from Part 1, complete the following schedule: (Round your intermediate calculations and final answers to 2 decimal places.)
FIFO | Moving Weighted Average | |
Sales | ||
Cost of goods sold | ||
Gross profit |
Related Book For
Financial Accounting
ISBN: 978-0078025549
3rd edition
Authors: J. David Spiceland, Wayne Thomas, Don Herrmann
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