Gale Company has the following inventory and purchases during the fiscal year ended December 31, 2020. Beginning Inventory 290 units @ $ 82/unit Feb. 10 purchased 205 units @ $ 86/unit Feb. 20 sold 370 units @ $ 162/unit Mar. 13 purchased 281 units @ $ 80/unit Sept. 5 purchased 255 units @ $ 66/unit Oct. 10 sold 510 units @ $ 162/unit Gale Company uses a periodic inventory costing 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.) (Image attached)
Gale Company has the following inventory and purchases during the fiscal year ended December 31, 2020. Beginning Inventory 290 units @ $ 82/unit Feb. 10 purchased 205 units @ $ 86/unit Feb. 20 sold 370 units @ $ 162/unit Mar. 13 purchased 281 units @ $ 80/unit Sept. 5 purchased 255 units @ $ 66/unit Oct. 10 sold 510 units @ $ 162/unit Gale Company uses a periodic inventory costing 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.) (Image attached)
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter7: Inventories: Cost Measurement And Flow Assumptions
Section: Chapter Questions
Problem 8P: Comprehensive The following information for 2019 is available for Marino Company: 1. The beginning...
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Gale Company has the following inventory and purchases during the fiscal year ended December 31, 2020.
Beginning Inventory | 290 | units | @ | $ | 82/unit | ||||
Feb. | 10 | purchased | 205 | units | @ | $ | 86/unit | ||
Feb. | 20 | sold | 370 | units | @ | $ | 162/unit | ||
Mar. | 13 | purchased | 281 | units | @ | $ | 80/unit | ||
Sept. | 5 | purchased | 255 | units | @ | $ | 66/unit | ||
Oct. | 10 | sold | 510 | units | @ | $ | 162/unit | ||
Gale Company uses a periodic inventory costing 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.)
(Image attached)
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