Problem
Gale Company has the following inventory and purchases during the fiscal year ended December 31, 2023.
Beginning Inventory 350 units @ $ 76/unit
Feb. 10 purchased 265 units @ $ 80/unit
Feb. 20 sold 430 units @ $ 156/unit
Mar. 13 purchased 233 units @ $ 74/unit
Sept. 5 purchased 315 units @ $ 60/unit
Oct. 10 sold 570 units @ $ 156/unit
Gale Company employs a perpetual inventory system.
Task
I. Calculate the dollar value of ending inventory and cost of goods sold using.
II. Using your calculations from Part I, complete the schedule.