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emming Company reported the following current-year purchases and sales for its only product. Date Activities January 1 Beginning inventory January 10 Sales March 14 Purchase March 15 Sales July 30 Purchase Sales Purchase Totals October 5 October 26 Units Acquired at Cost @ $10 = 200 units 350 units 450 units 100 units 1,100 units @$15 @ $20 @ $25 = $ 2,000 5,250 9,000 2,500 $ 18,750 Units Sold at Retai 150 units 300 units 430 units 880 units @$40 @ $40 @ $40

emming Company reported the following current-year purchases and sales for its only product. Date Activities January 1 Beginning inventory January 10 Sales March 14 Purchase March 15 Sales July 30 Purchase Sales Purchase Totals October 5 October 26 Units Acquired at Cost @ $10 = 200 units 350 units 450 units 100 units 1,100 units @$15 @ $20 @ $25 = $ 2,000 5,250 9,000 2,500 $ 18,750 Units Sold at Retai 150 units 300 units 430 units 880 units @$40 @ $40 @ $40

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

ent (required) i Date January 1 January 10 March 14 March 15 July 30 October 5 October 26 Required information [The following information applies to the questions displayed below.] Hemming Company reported the following current-year purchases and sales for its only product. Activities Beginning inventory Sales Purchase Sales Purchase Sales Purchase Totals Required: Hemming uses a perpetual inventory system. Required 1 ezto.mheducation.com Required 2 Saved Required 3 < Prev Units Acquired at Cost @ $10 = 200 units 350 units 450 units 100 units 1,100 units Complete this question by entering your answers in the tabs below. @ $15 @ $20 15 16 of 19 || || @ $25 = Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. 2. Determine the costs assigned to ending inventory and to cost of goods sold using LIFO. 3. Compute the gross profit for FIFO method and LIFO method. $ 2,000 Next > 5,250 9,000 2,500 $ 18,750 Help Save & Exit S Units Sold at Retail 150 units 300 units 430 units Check my v 880 units @ $40 @ $40 @ $40
Transcribed Image Text:ent (required) i Date January 1 January 10 March 14 March 15 July 30 October 5 October 26 Required information [The following information applies to the questions displayed below.] Hemming Company reported the following current-year purchases and sales for its only product. Activities Beginning inventory Sales Purchase Sales Purchase Sales Purchase Totals Required: Hemming uses a perpetual inventory system. Required 1 ezto.mheducation.com Required 2 Saved Required 3 < Prev Units Acquired at Cost @ $10 = 200 units 350 units 450 units 100 units 1,100 units Complete this question by entering your answers in the tabs below. @ $15 @ $20 15 16 of 19 || || @ $25 = Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. 2. Determine the costs assigned to ending inventory and to cost of goods sold using LIFO. 3. Compute the gross profit for FIFO method and LIFO method. $ 2,000 Next > 5,250 9,000 2,500 $ 18,750 Help Save & Exit S Units Sold at Retail 150 units 300 units 430 units Check my v 880 units @ $40 @ $40 @ $40
gnment (required) i ! Required information Date January 1 January 10 March 14 Total March 14 March 15 Total March 15 July 30 Total July 30 October 5 Total October 5 October 26 Totale Goods Purchased # of units 350 at Cost per unit 100 at $15.00 450 at $20.00 $25.00 < Prev ezto.mheducation.com # of units sold Saved Cost of Goods Sold Cost per unit 15 at $15.00 = Cost of Goods Sold S 16 of 19 Skl ‒‒‒ 0.00 0.00 # of units 200 at Next > Inventory Balance Cost per unit $10.00 = Help 350 at $15.00 = at $ 15.00 at at ☆ Save & Exit $15.00 $20.00 at $25.00 Inventory Balance Check my wa $ 2,000.00 $ Sub 5,250.00 5,250.00
Transcribed Image Text:gnment (required) i ! Required information Date January 1 January 10 March 14 Total March 14 March 15 Total March 15 July 30 Total July 30 October 5 Total October 5 October 26 Totale Goods Purchased # of units 350 at Cost per unit 100 at $15.00 450 at $20.00 $25.00 < Prev ezto.mheducation.com # of units sold Saved Cost of Goods Sold Cost per unit 15 at $15.00 = Cost of Goods Sold S 16 of 19 Skl ‒‒‒ 0.00 0.00 # of units 200 at Next > Inventory Balance Cost per unit $10.00 = Help 350 at $15.00 = at $ 15.00 at at ☆ Save & Exit $15.00 $20.00 at $25.00 Inventory Balance Check my wa $ 2,000.00 $ Sub 5,250.00 5,250.00
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