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Gale Company has the following inventory and purchases during the fiscal year ended December 31, 2023. Beginning Inventory Feb. 10 purchased Feb. 20 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 Mar. 13 Sept. 5 Oct. 10 purchased purchased sold 315 units @ $ 230 units @ $ 395 units @ $ 261 units @ $ 87/unit 91/unit 167/unit 280 units @$ 85/unit 71/unit 535 units @ $ 167/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 1 2. Using your calculations from Part 1, complete the following schedule: (Round your intermediate calculations and final answers to 2 decimal places.) Sales Cost of goods sold Gross profit FIFO Moving Weighted Average
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