Questions
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 @ $26.00 = 16,250
Totals 1,450 units $ 30,950 555 units

  
Required:

Hemming uses a perpetual inventory system. (Round cost per unit to 2 decimal places.)

   

(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.

a) Perpetual FIFO:
Goods Purchased Cost of Goods Sold Inventory Balance
Date # of units Cost per unit # of units sold Cost per unit Cost of Goods Sold # of units Cost per unit Inventory Balance
January 1
January 10
March 14
March 15
July 30
October 5
October 26
=
Totals

*Red text indicates no response was expected in a cell or a formula-based calculation is incorrect; no points deducted.

a) Perpetual LIFO:
Goods Purchased Cost of Goods Sold Inventory Balance
Date # of units Cost per unit # of units sold Cost per unit Cost of Goods Sold # of units Cost per unit Inventory Balance
January 1
January 10
March 14
March 15
July 30
October 5
October 26
=
Totals

*Red text indicates no response was expected in a cell or a formula-based calculation is incorrect; no points deducted.

In: Accounting

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 @ $26.60 = 16,250
Totals 1,510 units $ 32,966 570 units

  
Required:

Hemming uses a perpetual inventory system. (Round cost per unit to 2 decimal places.)

   

(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.

a) Perpetual FIFO:
Goods Purchased Cost of Goods Sold Inventory Balance
Date # of units Cost per unit # of units sold Cost per unit Cost of Goods Sold # of units Cost per unit Inventory Balance
January 1
January 10
March 14
March 15
July 30
October 5
October 26
=
Totals

*Red text indicates no response was expected in a cell or a formula-based calculation is incorrect; no points deducted.

a) Perpetual LIFO:
Goods Purchased Cost of Goods Sold Inventory Balance
Date # of units Cost per unit # of units sold Cost per unit Cost of Goods Sold # of units Cost per unit Inventory Balance
January 1
January 10
March 14
March 15
July 30
October 5
October 26
=
Totals

*Red text indicates no response was expected in a cell or a formula-based calculation is incorrect; no points deducted.

In: Accounting

The American Heart Association in collaboration with the American Academy of Pediatrics, American Association for Respiratory...

The American Heart Association in collaboration with the American Academy of Pediatrics, American Association for Respiratory Care, American College of Emergency Physicians, The Society of Critical Care Anesthesiologists, and American Society of Anesthesiologists recently released a new guidance document surrounding the use of CPR during the COVID-19 pandemic. The guidelines state, “it is reasonable to consider age, comorbidities, and severity of illness in determining the appropriateness of resuscitation and balance the likelihood of success against the risk to rescuers and patients from whom resources are being diverted.” The full guidelines are available at https://www.ahajournals.org/doi/10.1161/CIRCULATIONAHA.120.047463

Answer the following:

If you were applying the consequential approach – how would you feel about these guidelines?

Would you be for them or against them? If you were applying the deontology approach – how would you feel about these guidelines? Would you be for them or against them?

Identify which approach – consequential, deontology or virtue-based ethics most closely applies to these guidelines. Justify in a sentence or two why you have chosen your answer.

In: Nursing

Diablo Corporation uses the perpetual inventory system. Please create journal entries for the following inventory transactions....

Diablo Corporation uses the perpetual inventory system. Please create journal entries for the following inventory transactions. Show any necessary work/calculations. October 2 - Purchased on account $7,200 of inventory for resale. Credit terms 2/10, n/30. FOB shipping point. October 3 - Paid $300 for shipping costs related to the October 2 inventory purchase. October 5 - Sold inventory, costing $12,000, to a customer for $16,000 retail price. Credit terms 1/15, n/40. FOB shipping point. October 7 - Returned $500 of defective inventory related to the October 2 purchase for an account credit. October 10 - Paid the balance of the account owed from the October 2 purchase. October 15 - Granted a $1,000 allowance against a customer's account relating to the October 5 sale of inventory. October 20 - Received payment of the net balance from the October 5 sale of inventory.

In: Accounting

Which of the following is a temporary account? Select one: a. Revenues b. Land c. Account...

Which of the following is a temporary account?
Select one:
a. Revenues
b. Land
c. Account payable
d. Cash

If the company uses FIFO, what is the value of cost of goods sold for October?

1-Oct beginning inventory 50@4
10-Oct Purchase [email protected]
20-Oct Purchase 150@5
31-Oct Sold 220@7
Select one:
a. $1,000
b. $1,200
c. $1,065
d. $1,028

Which of the following accounts is not a temporary account?
Select one:
a. Revenues
b. Withdrawals
c. Income summery
d. Account receivable

The buyer received an invoice from the seller for merchandise with a list price of $400 and credit terms of 2/10, n/60. The number 10 in the credit terms is the
Select one:
a. credit period
b. cash discount allowed for early payment of the invoice
c. discount period
d. trade discount

In: Accounting

What are the system categories that may fall into a data classification (Public, secret, top secret,...

What are the system categories that may fall into a data classification (Public, secret, top secret, etc.) scheme (file server, database server, Windows Active Directory servers, print servers, Web servers, application servers, etc)? How can we classify these systems? Can we have the same type of system in multiple classifications? Why?

In: Computer Science

What is DNS cache locking, and what does it prevent? How does a system administrator enable...

  1. What is DNS cache locking, and what does it prevent?

  1. How does a system administrator enable scavenging?

  1. How are a stub zone records updated if the stub zone is Active Directory integrated?

  1. What does the Windows Server 2016 feature "DNS Policy" allow an administrator to manage?

  1. How does DNSSEC use zone signing to help secure zones?

In: Computer Science

The centralized employee travel department of Croce Company has expenses of $724,000. The department has serviced...

The centralized employee travel department of Croce Company has expenses of $724,000. The department has serviced a total of 5,000 travel reservations for the period. The South Division has made 2,850 reservations during the period, and the West Division has made 2,150 reservations. South Division West Division Sales $2,600,000 $2,420,000 Cost of goods sold 1,352,000 1,379,400 Selling expenses 520,000 484,000 Use the data provided to determine the divisional income from operations for the South and West divisions: Refer to the Amount Descriptions list provided for the exact wording of the answer choices for text entries.

In: Accounting

During the night, as viewed from a point 20° south of the equator, most stars a....

During the night, as viewed from a point 20° south of the equator, most stars

a. rise in the east and set in the west.
b. move in retrograde motion across the sky.
c. rise in the south and set in the north.
d. no general statement can be made.
e. rise in the west and set in the east.

In: Physics

Plot the below description A parcel of land located in North East quarter of Section, Township...

Plot the below description

A parcel of land located in North East quarter of Section, Township 28 South, Range 20 East.

The North 325’ of the East 300’ of the Northwest one-quarter of the Northeast one-quarter of the Northeast quarter of Section, Township 28 South, Range 20 East.

In: Civil Engineering