Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Gale Company has the following inventory and purchases during the fiscal year ended December 31, 2020. Beginning Inventory 350 units @ $ 76/unit Feb. 10
Gale Company has the following inventory and purchases during the fiscal year ended December 31, 2020.
Beginning Inventory | 350 | units | @ | $ | 76/unit | ||||
Feb. | 10 | purchased | 265 | units | @ | $ | 80/unit | ||
Feb. | 20 | sold | 430 | units | @ | $ | 156/unit | ||
Mar. | 13 | purchased | 233 | units | @ | $ | 74/unit | ||
Sept. | 5 | purchased | 315 | units | @ | $ | 60/unit | ||
Oct. | 10 | sold | 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.)
2. Using your calculations from Part 1, complete the following schedule: (Round your intermediate calculations and final answers to 2 decimal places.)
P.S. - Please put answers clearly to write
Gale Company has the following inventory and purchases during the fiscal year ended December 31, 2020. 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.) FIFO Moving Weighted Average Sales Cost of goods sold Gross profit
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started