Gale Company has the following inventory and purchases during the fiscal yea. Jed December 31, 2023. Beginning Inventory Feb. 10 purchased Feb. 20 sold Mar.
Gale Company has the following inventory and purchases during the fiscal yea. Jed December 31, 2023.
Beginning Inventory
Feb. 10
purchased
Feb. 20
sold
Mar. 13
purchased
Sept. 5
purchased
Oct. 10 sold
350 units @$ 76/unit
265 units @$
80/unit
430 units @$ 156/unit
233 units @$ 74/unit
315 units @$ 60/unit
570 units @$ 156/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.)
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