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Company has the following Inventory and purchases during the fiscal year ended December 31, 2020

Accounting Nov 05, 2020

Company has the following Inventory and purchases during the fiscal year ended December 31, 2020. Beginning Inventory Feb. 10 purchased Feb. 20 sola Mar. 13 purchased Sept. 5 purchased Oct. 10 355 units @ $ 75/unit 270 units es 79/unit 435 units @ $ 155/unit 229 units @ 73/unit 320 units @ $ 59/unit 575 units @ $ 155/unit sold 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 calc 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 calculation decimal places.) FIFO Moving Weighted Average Sales Cost of goods sold Gross profit

Expert Solution

     
  FIFO Weighted avg
Sale $                               1,56,550 $                           1,56,550
Cost of good sold $                                 (73,876) $                            (72,417)
Gross Margin $                                  82,674 $                              84,133
  $                                           -   $                                       -  

 

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