DateJuly 1July 7July 12 5July 14July 26 3July 29units6c. 254d. 250unit cost$47$51c. 254d. 250I$54unit sold43NI26. Ending inventory under LIFO is:a. 264b. 258227. Cost of goods sold under FIFO isa. 435b. 441c. 445d. 25028. Ending inventory under FIFO is:a. 264b. 258

Name: DateJuly 1July 7July 12 5July 14July 26 3July 29units6c. 254d. 250uni
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Description: DateJuly 1July 7July 12 5July 14July 26 3July 29units6c. 254d. 250unit cost$47$51c. 254d. 250I$54unit sold43NI26. Ending inventory under LIFO is:a. 264b. 258227. Cost of goods sold under FIFO isa. 435b. 441c. 445d. 25028. Ending inventory under FIFO

The goal of the inventory management strategy known as FIFO (first in, first out) is to assign a…

Business

Accounting

Date July 1 July 7 July 12 July 14 July 26 3 July 29 units 6 5 c. 445 d. 250 - unit cost $47 $51 I $54 unit sold 4 3 2 26. Ending inventory under LIFO is: a. 264 b. 258 c. 254 d. 250 27. Cost of goods sold under FIFO is a. 435 b. 441 28. Ending inventory under FIFO is: a. 264 b. 258 c. 254

Date July 1 July 7 July 12 July 14 July 26 3 July 29 units 6 5 c. 445 d. 250 - unit cost $47 $51 I $54 unit sold 4 3 2 26. Ending inventory under LIFO is: a. 264 b. 258 c. 254 d. 250 27. Cost of goods sold under FIFO is a. 435 b. 441 28. Ending inventory under FIFO is: a. 264 b. 258 c. 254

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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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 Activities Units Acquired at Cost 200 units Units Sold at Retail Date Jan. 1 Beginning inventory Jan. 10 Sales @ $10 =2,000 150 units @$40 Mar. 14 Purchase 350 units $15 5,250 Mar. 15 Sales 300 units @$40 July 30 Purchase Oct. 5 Sales 450 units @$20 9,000 430 units @$40 Oct. 26 Purchase 100 units $25 2,500 $18,750 880 units Totals 1,100 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.
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Date Oct. 1 Oct. 9 Oct. 17 Oct. 11 Sale Oct. 22 Oct. 25 Description Beginning inventory Purchase (a1) Purchase Sale Purchase Oct.29 Sale Units 70 125 95 95 70 80 105 Unit Cost or Selling Price $26 Weighted-average cost per unit $ 28 40 29 45 31 45 Calculate the weighted-average cost. (Round answer to 3 decimal places, e.g. 5.125.) 11₁ SI
Required: Determine the cost assigned to ending inventory and to cost of goods sold using FIFO. Date January 01 January 09 January 19 January 25 January 30 Activities Beginning inventory Sales Purchase Sales Purchase Totals Perpetual FIFO Units available 175 units from beginning inventory 130 units purchased on January 19 275 units purchased on January 30 Totals Units Acquired at Cost Units Cost Total cost per unit 175 130 275 580 $10.00 $1,750.00 135 $9.00 $7.00 1,170.00 Cost of Goods Sold - Jan 9 Units Cost per unit Cost of goods sold $1,350.00 135 $10.00 $9.00 $7.00 1,925.00 $4,845.00 $1,350.00 Units Sold at Retail Units Selling Total Sales price per unit 135 140 275 $19.00 0 $19.00 $2,565.00 2,660.00 $5,225.00 Cost of Goods Sold - Jan 25 Units Cost Cost of per unit goods sold $10.00 $9.00 $7.00 $0.00 Ending Inventory Units Cost per unit $10.00 $9.00 $7.00 Inventory $0.00
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of 2 Book Hint Ask F erences Ac raw ill Assume the perpetual inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on the LIFO method. Date January 1 January 9 Total January 9 January 25 Total January 25 January 26 Total January 26 Goods purchased Number Number of Cost per of units Cost per Cost of Goods Number of units unit unit sold Sold units 80 at $3.20 100 at $ 3.34 Perpetual LIFO: Cost of Goods Sold 100 at 80 at at wwwwww $ 3.00 = $ 3.20 = at $ 3.00 = at $ 3.20 = at $ 3.34 = delete Inventory Balance $ $ 960 256 $1,216 $ 960 $ 960 256 334 1,550 home 7:0 9/29
7 3 ences Given the following: Mc Graw Hill January 1 inventory April 1 June 1 November 1 Cost of ending inventory Number purchased 40 60 50 55 205 Cost of goods sold Cost per unit $ 4 7 8 9 a. Calculate the cost of ending inventory using the weighted-average method (ending inventory shows 61 units_ Note: Round the "average unit cost" and final answer to the nearest cent. AS
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Date August 1 August 4 August 11 August 13 August 20 August 26 August 29 Transactions Beginning inventory Sale ($140 each) Purchase Sale ($155 each) Purchase Sale ($165 each) Purchase ∞++ Units 8 Required 1 Required 2 5 10 8 10 11 10 Unit Cost $143 133 123 Required 3 113 For the specific identification method, the August 4 sale consists of rackets from beginning inventory, the August 13 sale consists of rackets from the August 11 purchase, and the August 26 sale consists of one racket from beginning inventory and 10 rackets from the August 20 purchase. Required: 1. Calculate ending inventory and cost of goods sold at August 31, using the specific identification method. 2. Using FIFO, calculate ending inventory and cost of goods sold at August 31. 3. Using LIFO, calculate ending inventory and cost of goods sold at August 31. 4. Using weighted-average cost, calculate ending inventory and cost of goods sold at August 31. 5. Calculate sales revenue and gross profit under each of the four…