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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.
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 310 units $ 86/unit 225 units $ 90/unit 390 units @ $ 166/unit 265 units @ 84/unit 275 units @$ 70/unit 530 units @ 166/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
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