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 335 units @s 79/unit 250 units @s 83/unit 415 units #s 159/unit 245 units @s 77/unit 300 units @$ 63/unit 555 units @$ 159/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.) a FIFO b. Moving weighted average Ending Inventory Cost of Goods Sold

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 335 units @s 79/unit 250 units @s 83/unit 415 units #s 159/unit 245 units @s 77/unit 300 units @$ 63/unit 555 units @$ 159/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.) a FIFO b. Moving weighted average Ending Inventory Cost of Goods Sold

Name: intGale Company has the following inventory and purchases during the
Uploaded: 2024-03-20T06:32:37.000Z
Channel: Bartleby
Description: intGale Company has the following inventory and purchases during the fiscal year ended December 31, 2023.Beginning InventoryFeb. 10 purchasedFeb. 20 soldMar. 13 purchasedSept. 5 purchasedOct. 10 sold335 units @$ 79/unit250 units @s 83/unit415 units

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Hall Company’s beginning inventory and purchases during the fiscal year ended December 31, 20--, were as follows: UnitsUnit PriceTotal CostJanuary 1Beginning inventory800$11.00$8,800March 51st purchase60012.007,200April 162nd purchase50012.506,250June 33rd purchase70014.009,800August 184th purchase80015.0012,000September 135th purchase90017.0015,300November 146th purchase40018.007,200December 37th purchase50020.3010,150 5,200 $76,700 There are 1,100 units of inventory on hand on December 31.Required:1.Calculate the total amount to be assigned to the ending inventory and cost of goods sold on December 31 under each of the following methods:(a)FIFO(b)LIFO(c)Weighted-average (round calculations to two decimal places)2.Assume that the market price per unit (cost to replace) of Hall’s inventory on December 31 was $16. Calculate the total amount to be assigned to the ending inventory on December 31 under each of the following methods:(a)FIFO lower-of-cost-or-market(b)Weighted-average…
Gale Company has the following inventory and purchases during the fiscal year ended December 31, 2023. Beginning Inventory Feb. 10 purchased Feb. 20 sold Mar. 13 Sept. 5 Oct. 10 sold purchased purchased 365 units @$ 73/unit 280 units @$ 77/unit 445 units @ $ 153/unit 221 units @ $ 71/unit 330 units @$ 57/unit 585 units @ $153/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.) a. FIFO b. Moving weighted average Ending Inventory Cost of Goods Sold
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 Gale Company employs a perpetual inventory system. 315 units @ $ 230 units @ $ 395 units @ $ 261 units @ $ 87/unit 91/unit 167/unit 85/unit 280 units @ $ 71/unit 535 units @ $ 167/unit 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.) a FIFO b. Moving weighted average 101 Ending Inventory DOOGGE ERLEBNI Cost of Goods Sold 900 1001 SHREE 2. Using your calculations from Part 1, complete the following schedule: (Round your intermediate calculations and final answers to 2 B
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 345 units @$ 77/unit 260 units @s 81/unit 425 units @$ 157/unit 237 units @s 75/unit 310 units @s 61/unit 565 units @s 157/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.) a FIFO b Moving weighted average Ending Inventory Cost of Goods Sold 2. Using your calculations from Part 1, complete the following schedule: (Round your intermediate calculations and final answers to 2 decimal places.) CICA Moving Weighted
The inventory records of Kuffel Company reflected the following information for the year ended December 31, 2022: Number of Units 150 70 Date 1/1 1/24 2/22 3/7 4/10 6/11 9/28 12/4 Transaction Beginning inventory Purchase. Sale Purchase Purchase Sale! Purchase Sale (100) 90 140 (100) 50 (100) Unit Cost Total Cost $28 33 0 39 35 0 39 0 $4,200 2,310 0 3,510 4,900 0 1,950 0 Required: a. Assume that Kuffel Company uses a periodic inventory system. Calculate cost of goods sold and ending inventory under FIFO and LIFO. b. Assume that Kuffel Company uses a perpetual inventory system. Calculate cost of goods sold and ending inventory under FIFO and LIFO. c. LIFO results are different for parts a and b as timing of the application of LIFO rules is relevant.
The inventory records of Kuffel Co. reflected the following information for the year ended December 31, 2019: Date Transaction Numberof Units UnitCost TotalCost 1/1 Beginning inventory 150 $ 33 $ 4,950 1/24 Purchase 70 31 2,170 2/22 Sale (100 ) - - 3/7 Purchase 90 40 3,600 4/10 Purchase 140 39 5,460 6/11 Sale (100 ) - - 9/28 Purchase 50 35 1,750 12/4 Sale (100 ) - - Required:a. Assume that Kuffel Co. uses a periodic inventory system. Calculate cost of goods sold and ending inventory under FIFO and LIFO. b. Assume that Kuffel Co. uses a perpetual inventory system. Calculate cost of goods sold and ending inventory under FIFO and LIFO. c. LIFO results are different for parts a and b as timing of the application of LIFO rules is relevant.multiple choice True False
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)
The inventory records of Kuffel Co. reflected the following information for the year ended December 31, 2019: Date Transaction Numberof Units UnitCost TotalCost 1/1 Beginning inventory 150 $ 34 $ 5,100 1/24 Purchase 70 31 2,170 2/22 Sale (100 ) - - 3/7 Purchase 90 36 3,240 4/10 Purchase 140 38 5,320 6/11 Sale (100 ) - - 9/28 Purchase 50 39 1,950 12/4 Sale (100 ) - - Required:a. Assume that Kuffel Co. uses a periodic inventory system. Calculate cost of goods sold and ending inventory under FIFO and LIFO. b. Assume that Kuffel Co. uses a perpetual inventory system. Calculate cost of goods sold and ending inventory under FIFO and LIFO.
Splish Brothers, Inc. values its inventory at the lower-of-LIFO-cost-or-market. The following information is available from the company’s inventory records as of December 31, 2020. Item Quantity UnitCost ReplacementCost/Unit Estimated SellingPrice/Unit Completion & DisposalCost/Unit Normal ProfitMargin/Unit X490 8,976 $11.00 $10.52 $12.32 $2.64 $2.99 X512 4,356 6.16 6.60 7.83 0.22 1.58 X682 15,840 16.72 16.37 27.76 2.86 7.92 Z195 11,000 12.54 12.32 17.42 1.23 5.06 Z846 7,568 10.56 11.22 12.28 1.85 0.97 (a) Correct answer icon Your answer is correct. Calculate the lower-of-cost-or-market using the individual-item approach. (Round answers to 2 decimal places, e.g. 52.75.) (b) Partially correct answer icon Your answer is partially correct. Show the journal entries Splish Brothers, Inc. will…
d Gale Company has the following inventory and purchases during the f Beginning Inventory Feb. 10 purchased Feb. 20 sold 83/unit 87/unit 295 units @ $ 210 units @ $ 375 units @ $ units @ $ 163/unit Mar. 13 purchased 81/unit 277 260 units @ $ Sept. 5 purchased 67/unit Oct. 10 sold 515 units @ $ 163/unit Gale Company employs a perpetual inventory system. Required: 1. Calculate the dollar value of ending inventory and cost of goods sold answers to 2 decimal places.) Ending Inventory Cost of Goods Sold a. FIFO b. Moving weighted average
3. Pear Company recorded the following data pertaining to one of its inventory items during January 2021. 1/1 Inventory, 800 units @ P2001/8 Purchased 200 units at P2081/21 Sold 400 units1/30 Purchased 250 units @ P210What is the moving average unit cost of this item at January 31, 2021? Round off to nearest peso? a. 201b. 210c. 230d. 204
Gale Company has the following inventory and purchases during the fiscal year ended December 31, 2023. Beginning Inventory 10 purchased sold purchased purchased Feb. Feb. 20 Mar. 13 Sept. 5 Oct. 10 sold 315 units @ $ 230 units @ $ 395 units @$ 261 units @ $ 280 units @ $ 535 units @$ a FIFO b. Moving weighted average 87/unit 91/unit 167/unit Gale Company employs a perpetual inventory system. 85/unit 71/unit 167/unit 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