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25 points Skipped Gale Company has the following inventory and purchases during the fiscal year ended December 31, 2023. Beginning Inventory Feb. 10 purchased Feb.

 
 

25

points

Skipped

Gale Company has the following inventory and purchases during the fiscal year ended December 31, 2023.

Beginning Inventory Feb. 10 purchased Feb. 20 sold
Mar. 13 purchased Sept. 5 purchased Oct. 10 sold

325 units 240 units 405 units 253 units 290 units 545 units

@ $ @ $ @ $ @ $ @ $ @ $

89/unit

93/unit 169/unit 87/unit 73/unit 169/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.)

2. Using your calculations from Part 1, complete the following schedule: (Round your intermediate calculations and final answers to 2 decimal places.)

Ending Inventory Cost of Goods Sold

a. FIFO
b. Moving weighted average

FIFO

Moving Weighted Average

Sales
Cost of goods sold
 
 

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