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

$340$ units @$

$78/$unit

$255$

units

@ $

$82/$unit

$420$

units

$241$

units

@$

$158/$unit

@ $

$76/$unit

$305$

units

@ $

$62/$unit

$560$

units

@$ $158/$unit

Print

References

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

FIFO

$5,976\mathrm{.}00$

$

$78,680\mathrm{.}00$

b

Moving weighted average

$

$12,001\mathrm{.}60$

$

$72\mathrm{.}654\mathrm{.}40$Using your calculations from Part $1,$ complete the following schedule: $($Round your intermediate calculations and final answers to $2$ decimal places.$)$

Print

References

FIFO

Moving Weigited

Average

Sales

$

$154,840\mathrm{.}00$

$

$72,654\mathrm{.}40$

Cost of goods sold

$

$78,680\mathrm{.}00$

$

$72,654\mathrm{.}40$

Gross profit

$76,160\mathrm{.}00$

$

$0\mathrm{.}00$