1.Gale Company has the following inventory and purchases during the fiscal year ended

December 31, 2020. (25 marks)

Beginning Inventory345 units @ $ 77/unit

Feb. 10 purchased260 units @ $ 81/unit

Feb. 20 sold425 units @ $ 157/unit

Mar. 13 purchased237 units @ $ 75/unit

Sept. 5 purchased310 units @ $ 61/unit

Oct. 10 sold565 units @ $ 157/unit

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

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

FIFO Moving weighted average

Sale

COGS

Gross Profit