Question
In: Accounting
Hemming Co. reported the following current-year purchases and sales for its only product. Date Activities Units...
| 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 | 110 | units | @ $10.40 | = | $ | 1,144 | ||||||||
| Jan. | 10 | Sales | 100 | units | @ $40.40 | |||||||||||
| Mar. | 14 | Purchase | 260 | units | @ $15.40 | = | 4,004 | |||||||||
| Mar. | 15 | Sales | 150 | units | @ $40.40 | |||||||||||
| July | 30 | Purchase | 410 | units | @ $20.40 | = | 8,364 | |||||||||
| Oct. | 5 | Sales | 290 | units | @ $40.40 | |||||||||||
| Oct. | 26 | Purchase | 610 | units | @ $25.40 | = | 15,494 | |||||||||
| Totals | 1,390 | units | $ | 29,006 | 540 | units | ||||||||||
Required:
| Hemming uses a perpetual inventory system. |
3.
value:
8.33 points
Required information
|
Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. |
Hints
References
eBook & Resources
Hint #1
Check my work
4.
value:
8.33 points
Required information
|
Determine the costs assigned to ending inventory and to cost of goods sold using LIFO. |
Hints
References
eBook & Resources
Hint #1
Check my work
5.
value:
8.33 points
Required information
| Compute the gross margin for FIFO method. |
| Compute the gross margin for LIFO method. |
Solutions
ekkarill92 answered 1 year agoRelated Solutions
Hemming Co. reported the following current-year purchases and sales for its only product. Date Activities Units...
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
120
units
@ $10.80
=
$
1,296
Jan.
10
Sales
110
units
@ $40.80
Mar.
14
Purchase
270
units
@ $15.80
=
4,266
Mar.
15
Sales
160
units
@ $40.80
July
30
Purchase
420
units
@ $20.80
=
8,736
Oct.
5
Sales
280
units
@ $40.80
Oct.
26
Purchase
620
units
@ $25.80...
Hemming Co. reported the following current-year purchases and sales for its only product Date Activities Units...
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
210
units
@ $10.40
=
$
2,184
Jan.
10
Sales
170
units
@ $40.40
Mar.
14
Purchase
310
units
@ $15.40
=
4,774
Mar.
15
Sales
270
units
@ $40.40
July
30
Purchase
410
units
@ $20.40
=
8,364
Oct.
5
Sales
380
units
@ $40.40
Oct.
26
Purchase
110
units
@ $25.40...
Hemming Co. reported the following current-year purchases and sales for its only product. Date Activities Units...
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
280
units
@ $13.20
=
$
3,696
Jan.
10
Sales
240
units
@ $43.20
Mar.
14
Purchase
460
units
@ $18.20
=
8,372
Mar.
15
Sales
410
units
@ $43.20
July
30
Purchase
480
units
@ $23.20
=
11,136
Oct.
5
Sales
450
units
@ $43.20
Oct.
26
Purchase
180
units
@ $28.20...
Hemming Co. reported the following current-year purchases and sales for its only product. Date Activities Units...
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. 5 Sales 425 units @
$42.40 Oct. 26 Purchase 160 units @ $27.40...
Hemming Co. reported the following current-year purchases and sales for its only product. Date Activities...
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
125
units
@ $11.00
=
$
1,375
Jan.
10
Sales
115
units
@ $41.00
Mar.
14
Purchase
275
units
@ $16.00
=
4,400
Mar.
15
Sales
165
units
@ $41.00
July
30
Purchase
425
units
@ $21.00
=
8,925
Oct.
5
Sales
275
units
@ $41.00
Oct.
26
Purchase
625
units
@...
Hemming Co. reported the following current-year purchases and sales for its only product. Date Activities...
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
140
units
@ $11.60
=
$
1,624
Jan.
10
Sales
130
units
@ $41.60
Mar.
14
Purchase
290
units
@ $16.60
=
4,814
Mar.
15
Sales
180
units
@ $41.60
July
30
Purchase
440
units
@ $21.60
=
9,504
Oct.
5
Sales
260
units
@ $41.60
Oct.
26
Purchase
640
units
@...
Hemming Co. reported the following current-year purchases and sales for its only product. Date Activities...
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
430
units
@ $40
Oct.
26
Purchase
100
units
@...
Hemming Co. reported the following current-year purchases and sales for its only product. Date Activities...
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.
5
Sales
425
units
@ $42.40
Oct.
26
Purchase
160
units
@...
Hemming Co. reported the following current-year purchases and sales for its only product. Date Activities...
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.
5
Sales
400
units
@ $41.20
Oct.
26
Purchase
130
units
@...
Hemming Co. reported the following current-year purchases and sales for its only product. Date Activities...
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.
5
Sales
390
units
@ $40.80
Oct.
26
Purchase
120
units
@...
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