Question
In: Accounting
The following information applies to the questions displayed below.] Hemming Co. reported the following current-year...
The following information applies to the questions displayed
below.]
Hemming Co. reported the following current-year purchases and sales
for its only product.
| Date | Activities | Units Acquired at Cost | Units Sold at Retail | |||||||||||||
| Jan. | 1 | Beginning inventory | 275 | units | @ $13.00 | = | $ | 3,575 | ||||||||
| Jan. | 10 | Sales | 230 | units | @ $43.00 | |||||||||||
| Mar. | 14 | Purchase | 450 | units | @ $18.00 | = | 8,100 | |||||||||
| Mar. | 15 | Sales | 400 | units | @ $43.00 | |||||||||||
| July | 30 | Purchase | 475 | units | @ $23.00 | = | 10,925 | |||||||||
| Oct. | 5 | Sales | 455 | units | @ $43.00 | |||||||||||
| Oct. | 26 | Purchase | 175 | units | @ $28.00 | = | 4,900 | |||||||||
| Totals | 1,375 | units | $ | 27,500 | 1,085 | units | ||||||||||
Required:
Hemming uses a periodic inventory system.
(a) Determine the costs assigned to ending inventory and to cost of
goods sold using FIFO.
(b) Determine the costs assigned to ending inventory and to cost of goods sold using LIFO.
(c) Compute the gross margin for each method.
Solutions
Expert Solution
Workings and Answer to Question a:
Answer to Question b and c:
ekkarill92 answered 1 year agoRelated Solutions
[The following information applies to the questions displayed below.] Hemming Co. reported the following current-year...
[The following
information applies to the questions displayed below.]
Hemming Co. reported the following current-year purchases and sales
for its only product.
Date
Activities
Units Acquired at Cost
Units Sold at Retail
Jan.
1
Beginning inventory
290
units
@ $13.60
=
$
3,944
Jan.
10
Sales
260
units
@ $43.60
Mar.
14
Purchase
500
units
@ $18.60
=
9,300
Mar.
15
Sales
430
units
@ $43.60
July
30
Purchase
490
units
@ $23.60
=
11,564
Oct.
5
Sales...
[The following information applies to the questions displayed below.] Hemming Co. reported the following current-year...
[The following information applies to the questions
displayed below.]
Hemming Co. reported the following current-year purchases and sales
for its only product.
Date
Activities
Units Acquired at Cost
Units Sold at Retail
Jan.
1
Beginning
inventory
200
units
@
$10
=
$
2,000
Jan.
10
Sales
150
units
@ $40
Mar.
14
Purchase
350
units
@ $15
=
5,250
Mar.
15
Sales
300
units
@ $40
July
30
Purchase
450
units
@ $20
=
9,000
Oct.
5
Sales...
[The following information applies to the questions displayed below.] Hemming Co. reported the following current-year...
[The following information applies to the questions
displayed below.]
Hemming Co. reported the following current-year purchases and sales
for its only product.
Date
Activities
Units Acquired at Cost
Units Sold at Retail
Jan.
1
Beginning
inventory
200
units
@
$10
=
$
2,000
Jan.
10
Sales
150
units
@ $40
Mar.
14
Purchase
350
units
@ $15
=
5,250
Mar.
15
Sales
300
units
@ $40
July
30
Purchase
450
units
@ $20
=
9,000
Oct.
5
Sales...
Required information [The following information applies to the questions displayed below.] Hemming Co. reported the...
Required information
[The following information applies to the questions
displayed below.]
Hemming Co. reported the following current-year purchases and sales
for its only product.
Date
Activities
Units Acquired at Cost
Units Sold at Retail
Jan.
1
Beginning inventory
220
units
@ $10.80
=
$
2,376
Jan.
10
Sales
190
units
@ $40.80
Mar.
14
Purchase
330
units
@ $15.80
=
5,214
Mar.
15
Sales
280
units
@ $40.80
July
30
Purchase
420
units
@ $20.80
=
8,736
Oct....
Required information [The following information applies to the questions displayed below.] Hemming Co. reported the...
Required information
[The following information applies to the questions displayed
below.]
Hemming Co. reported the following current-year purchases and sales
for its only product.
Date
Activities
Units Acquired at Cost
Units Sold at Retail
Jan.
1
Beginning inventory
215
units
@ $10.60
=
$
2,279
Jan.
10
Sales
180
units
@ $40.60
Mar.
14
Purchase
320
units
@ $15.60
=
4,992
Mar.
15
Sales
260
units
@ $40.60
July
30
Purchase
415
units
@ $20.60
=
8,549
Oct....
Required information [The following information applies to the questions displayed below.] Hemming Co. reported the...
Required information
[The following information applies to the questions
displayed below.]
Hemming Co. reported the following current-year purchases and sales
for its only product.
Date
Activities
Units Acquired at Cost
Units Sold at Retail
Jan.
1
Beginning inventory
260
units
@
$12.40
=
$
3,224
Jan.
10
Sales
215
units
@ $42.40
Mar.
14
Purchase
420
units
@ $17.40
=
7,308
Mar.
15
Sales
380
units
@ $42.40
July
30
Purchase
460
units
@ $22.40
=
10,304
Oct....
Required information [The following information applies to the questions displayed below.] Hemming Co. reported the...
Required information
[The following information applies to the questions
displayed below.]
Hemming Co. reported the following current-year purchases and sales
for its only product.
Date
Activities
Units Acquired at Cost
Units Sold at Retail
Jan.
1
Beginning inventory
230
units
@
$11.20
=
$
2,576
Jan.
10
Sales
160
units
@ $41.20
Mar.
14
Purchase
350
units
@ $16.20
=
5,670
Mar.
15
Sales
320
units
@ $41.20
July
30
Purchase
430
units
@ $21.20
=
9,116
Oct....
Required information [The following information applies to the questions displayed below.] The following information was reported...
Required information
[The following information applies to the questions displayed
below.]
The following information was reported in the December 31,
2017, financial statements of National Airways, Inc. (listed
alphabetically, amounts in millions).
Accounts Payable $ 4,125
Accounts Receivable 710
Aircraft Fuel Expense 10,000
Cash 3,100
Common Stock 1,285
Dividends 20
Equipment 15,930
Income Tax Expense 320
Interest Expense 260
Landing Fees Expense 4,400
Notes Payable 7,015
Repairs and Maintenance Expense 2,500
Retained Earnings (as of December 31, 2017) 8,060
Salaries...
Required information [The following information applies to the questions displayed below.] During the current year, Ron...
Required information
[The following information applies to the questions
displayed below.]
During the current year, Ron and Anne sold the following assets:
(Use the dividends and capital gains tax rates and tax rate
schedules.)
Capital Asset
Market Value
Tax Basis
Holding Period
L stock
$
50,000
$
41,000
> 1 year
M stock
28,000
39,000
> 1 year
N stock
30,000
22,000
< 1 year
O stock
26,000
33,000
< 1 year
Antiques
7,000
4,000
> 1 year
Rental home...
Required information [The following information applies to the questions displayed below.] During the current year, Ron...
Required information
[The following information applies to the questions
displayed below.]
During the current year, Ron and Anne sold the following assets:
(Use the dividends and capital gains tax rates and tax rate
schedules.)
Capital Asset
Market Value
Tax Basis
Holding Period
L stock
$
54,800
$
43,400
> 1 year
M stock
32,800
41,400
> 1 year
N stock
34,800
24,400
< 1 year
O stock
30,800
35,400
< 1 year
Antiques
11,800
6,400
> 1 year
Rental home...
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