Gale Company has the following inventory and purchases during the fiscal year ended December 31, 2023. Beginning Inventory Feb. 10 purchased Feb. 20 sold purchased purchased Mar. 13 Sept. 5 Oct. 10 sold 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 purchased purchased Mar. 13 Sept. 5 Oct. 10 sold 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
Financial Accounting
14th Edition
ISBN:9781305088436
Author:Carl Warren, Jim Reeve, Jonathan Duchac
Publisher:Carl Warren, Jim Reeve, Jonathan Duchac
Chapter7: Inventories
Section: Chapter Questions
Problem 1PEA: The following three identical units of Item BZ1810 are purchased during November: Assume that one...
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