Determine the costs assigned to ending inventory and to cost of goods sold using LIFO. Perpetual LIFO:Goods PurchasedCost of Goods SoldInventory Balance# ofunitsCost perunit# of unitssoldCost perunitCost of GoodsSoldCost perunitInventoryBalanceDate# of unitsJanuary 1250 @ $ 12.00 =$ 3,000.00January 10200 @ S 12.00 =$ 2,400.0050 @ $ 12.00 = $ 600.00March 14400 @ $ 17.0050 @ $ 12.00 = s400 @ $ 17.00 =600.006,800.00$ 7,400.00$ 12.00 =@ $ 17.0050 @ $ 12.00 =S@ $ 17.00 =March 15@0.00600.000.00600.00July 30October 5October 26150 @$ 27.00October 26150 @$ 27.00@ $ 27.00Totals$ 2,400.00 Hemming Co. reported the following current-year purchases and sales for its only product.ActivitiesUnits Acquired at Cost250 units @ $12.00DateUnits Sold at Retail= $ 3,000Jan. 1 Beginning inventoryJan. 10 Sales200 units @ $42.00Mar.14 Purchase400 units @ $17.006,800Mar.15 Sales360 units @ $42.00July30 Purchase450 units @ $22.009,900Oct. 5 Sales420 units @ $42.00Oct. 26 Purchase150 units @ $27.004,050Totals1,250 units$23,750980 units

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Description: Determine the costs assigned to ending inventory and to cost of goods sold using LIFO. Perpetual LIFO:Goods PurchasedCost of Goods SoldInventory Balance# ofunitsCost perunit# of unitssoldCost perunitCost of GoodsSoldCost perunitInventoryBalanceDate#

Under LIFO method, Inventory purchased most recently are the first to be sold.

Answered: Determine the costs assigned to ending…

Business

Accounting

Determine the costs assigned to ending inventory and to cost of goods sold using LIFO.

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter6: Cost Of Goods Sold And Inventory

Section: Chapter Questions

Problem 33BE

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[The following information applies to the questions displayed below.] Hemming Company reported the following current-year purchases and sales for its only product. Date January 1 January 10 Activities Beginning inventory Sales March 14 March 15 July 30 October 5 October 26 Purchase Sales Purchase Sales Purchase Totals Units Acquired at Cost Units Sold at Retail 205 units @ $10.20 $ 2,091 160 units @ $40.. 300 units @ $15.20 = 4,560 250 units @ $40.. 400 units @ $20.20 = 8,080 375 units @ $40.. 105 units 1,010 units @ $25.20 2,646 $ 17,377 785 units mming uses a periodic inventory system. Ending inventory consists of 45 units from the March 14 purchase, 75 ts from the July 30 purchase, and all 105 units from the October 26 purchase. Using the specific identification thod, calculate the following. Cost of Goods Sold using Specific Identification te Activity nuary 1 Beginning Inventory irch 14 Purchase ly 30 Purchase :tober 26 Purchase Available for Sale Cost of Goods Sold Ending # of…
[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 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 = 2,794 Totals 1,040 units $ 18,116 820 units Exercise 5-7 Perpetual: Inventory costing methods-FIFO and LIFO LO P1 Required:Hemming uses a perpetual inventory system. 1. Determine the costs assigned to ending inventory and to cost of goods sold using FIFO.2. Determine the costs assigned to ending inventory…
Hemming Co. reported the following current-year purchases and sales for its only product. Units Sold at Retail Units Acquired at Cost 200 units Date Activities Jan. 1 Beginning inventory @ $10 = $ 2,000 150-tinits Jan. 10 Sales @ $40 Mar. 14 Purchase 350 units @ $15 5,250 Mar.15 Sales 300 units @ $40 July30 Purchase Oct. 5 Sales 450 units @ $20 9,000 !! 430 units @$40 Oct. 26 Purchase 100 units @ $25 2,500 %3D Totals 1,100 units $18,750 880 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 = 2,794 Totals 1,040 units $ 18,116 820 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.
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 = 2,794 Totals 1,040 units $ 18,116 820 units Exercise 5-8 Specific identification LO P1 Required:Hemming uses a perpetual inventory system. Assume that ending inventory is made up of 40 units from the March 14 purchase, 70 units from the July 30 purchase, and all 110 units from the October 26 purchase. Using the specific identification method, calculate the following.