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

360 units @$ 74/unit

275 units

@$

78/unit

440 units @$ 154/unit

225 units @$ 72/unit

325 units @$

58/unit

580 units @$ 154/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 answers to 2 decimal places.)

Ending Inventory

Cost of Goods

Sold

1. FIFO
2. 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