a.) determine the cost assigned to ending inventory and to the cost of goods sold using FIFO.b.) determine the cost assigned to ending inventory and to cost of good solc using LIFO. c.) compute the gross margin for each method Question4-Chapter 5 Additi xmheducation.com/ext/map/index.html?_con3con&external_browser%3D0&launchUrl=https%253A%252F%252Flms.mheducationAdditional Problems- Required[The following information applies to the questions displayed below.]Hemming Co. reported the following current-year purchases and sales for its only product.DateActivitiesUnits Acquired at CostUnits Sold at RetailJan. 1 Beginning inventoryJan.10 SalesMar.14 PurchaseMar.15 SalesJuly30 PurchaseOct. 5 SalesOct.26 Purchase000て$3150 units@$40@$155,250300 units450 units@ $20430 units@ $40100 units@ $25Totals1,100 units$18,750880 unitsExercise 5-9A Periodic: Inventory costing system LO P3Required: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.< Prev4 of 5 Next

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a.) determine the cost assigned to ending inventory and to the cost of goods sold using FIFO.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

a.) determine the cost assigned to ending inventory and to the cost of goods sold using FIFO.

b.) determine the cost assigned to ending inventory and to cost of good solc using LIFO.

c.) compute the gross margin for each method

Question4-Chapter 5 Additi x
mheducation.com/ext/map/index.html?_con3con&external_browser%3D0&launchUrl=https%253A%252F%252Flms.mheducation
Additional Problems- Required
[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
Jan.10 Sales
Mar.14 Purchase
Mar.15 Sales
July30 Purchase
Oct. 5 Sales
Oct.26 Purchase
000て$3
150 units
@$40
@$15
5,250
300 units
450 units
@ $20
430 units
@ $40
100 units
@ $25
Totals
1,100 units
$18,750
880 units
Exercise 5-9A Periodic: Inventory costing system LO P3
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.
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