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Calculate the dollar value of ending inventory

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Reference no: EM132997287

Question - Gale Company has the following inventory and purchases during the fiscal year ended December 31, 2020.

Beginning Inventory 310 units @ $ 86/unit

Feb. 10 purchased 225 units @ $ 90/unit

Feb. 20 sold 390 units @ $ 166/unit

Mar. 13 purchased 265 units @ $ 84/unit

Sept. 5 purchased 275 units @ $ 70/unit

Oct. 10 sold 530 units @ $ 166/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.)

2. Using your calculations from Part 1, complete the following schedule: (Round your intermediate calculations and final answers to 2 decimal places.)

Reference no: EM132997287

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