Gale Company has the following inventory and purchases during the fiscal year ended December 31, 2020.

Gale Company employs a perpetual inventory system.

Required

1. Calculate the dollar value of ending inventory and cost of goods sold using:

a. FIFO

b. Moving weighted average. Round all unit costs to two decimal places.

2. Using your calculations from Part 1, complete the following schedule:

Analysis Component: How would the gross profits calculated in Part 2 above change if Gale Company had been experiencing increasing prices in the acquisition of additional inventory?

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Beginning inventory Feb. 10 purchased. Feb. 20 sold. 280 units ................... @ $80/unit @ $84/unit 195 units @ $160/unit @ $78/unit @ $64/unit @ $160/unit 360 units ..... ... Mar. 13 purchased. Sept. 5 purchased. Oct. 10 sold 290 units 255 units 510 units ....... Moving Weighted Average FIFO Sales Cost of goods sold.. Gross profit.