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I only need solutions for the wrong answers. Gale Company has the following inventory and purchases during the fiscal year ended December 31, 2020. Beginning

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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. 13 purchased Sept. 5 purchased Oct. 10 sola 315 units @ $ 87/unit 230 units e$ 91/unit 395 units e$ 167/unit 261 units @ $ 85/unit 280 units @ $ 71/unit 535 unita e$ 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.) Answer is complete but not entirely correct. Ending Cost of Goods Inventory Sold $ 11.076.00 $ 77,570.00 $ 12,500.00 $ 76,150.35 a FIFO Moving weighted average b 2. Using your calculations from Part 1, complete the following schedule: (Round your Intermediate calculations and final answers to 2 decimal places.) Answer is complete but not entirely correct. Sales Cost of goods sold Gross profit Moving FIFO Weighted Average $ 155,310.00 $ 152,720.00 $ 79,324.00 $ 76,569.65 $ 75,986.00 $ 76,569.65 The Sullton Company has the following Inventory and credit purchases during the fiscal year ended December 31, 2020. Reginning Feb. 10 542 unita e $91/unit 280 units. 98/unit 160 units $101/unit Aug. 21 Stilton Company has two credit sales during the period. The units have a selling price of $151 per unit. Sales Mar. 15 360 units Sept. 10 265 units Stilton Company uses a perpetual Inventory system Required: 1. Calculate the dollar value of cost of goods sold and ending inventory using: (Do not round intermediate calculations. Round "Average cost per unit" to 2 decimal places. Round the final answers to 2 decimal places.) Answer is complete and correct. Ending Inventory Coat of Goods Sold 56,626.00 33,496.00 S a FIFO Moving weighted average 33, 134.42 56,987.70 b 2. Calculate the dollar value of cost of goods sold and ending inventory using specific identification, assuming the sales were specifically identified as follows: Mar. 15: 188 units from beginning inventory 172 units from the Pebruary 10 purchase Sept.10: 183 units from beginning inventory 26 units from the February 10 purchase 56 units from the August 21 purchase Answer is complete and correct. Ending Inventory Cost of Goods Sold Specific Identification $ 33,281 $ 56,841 3. Using information from your answers in Parts 1 and 2 journalize the credit purchase on February 10 and the credit sale on September 10 for each of: a. FIFO Answer is complete and correct. No Dato General Journal Debit Credit 1 February 10 Merchandise inventory 24,640 OS Accounts payable 24,640 2 September 10 Accounts receivable 40,015 >> Sales 40,015 3 September 10 Cost of goods sold 23,866 Merchandise inventory 23,866 b. Moving weighted average (Do not round Intermediate calculations. Round "Average cost per unit" to 2 decimal places. Round the final answers to nearest whole dollar.) Answer is complete but not entirely correct. No Date General Journal Debit Credit 1 February 10 Merchandise inventory 24,640 Accounts payable 24,640 N September 10 Accounts receivable 40,015 Sales 40,015 3 September 10 Cost of goods sold 24,668 Merchandise inventory 24,668

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