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 | 300 | units | @ | $ | 84/unit | ||||
Feb. | 10 | purchased | 215 | units | @ | $ | 88/unit | ||
Feb. | 20 | sold | 380 | units | @ | $ | 164/unit | ||
Mar. | 13 | purchased | 273 | units | @ | $ | 82/unit | ||
Sept. | 5 | purchased | 265 | units | @ | $ | 68/unit | ||
Oct. | 10 | sold | 520 | units | @ | $ | 164/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.)
Ending Inventory | Cost of Goods Sold | ||
a. | FIFO | | |
b. | Moving weighted average | | |
2. 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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