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Ending inventory consists of 65 units from the March 14 purchase, 95 units from the July 30 purchase, and all 135 units from the October 26 purchase. Using the specific identification method, calculate the following. a) Cost of Goods Sold using Specific Identification Available for Sale Date January 1 March 14 July 30 October 26 Activity Beginning Inventory Purchase Purchase Purchase b) Gross Margin using Specific Identification Beginning inventory Cost of goods sold Less: Equals: # of units $ 235 $ 11.40 360 $ 16.40 435 $ 21.40 135 $26.40 1,165 Cost Per Unit 9,342 12,114 Cost of Goods Sold # of units sold Cost Per Unit 0 $ 295 $ 340 $ 0 $ 635 Cost of Goods Sold 11.40 $ 16.40 21.40 26.40 $ 0 4,838 7,276 0 12,114 Ending Inventory Units Ending Inventory Cost Per Unit 235 $ 65 $ 95 $ 135 $ 530 Ending Inventory Cost 11.40 $ 16.40 21.40 26.40 $ 2,679 1,066 2,033 3,564 9,342

Ending inventory consists of 65 units from the March 14 purchase, 95 units from the July 30 purchase, and all 135 units from the October 26 purchase. Using the specific identification method, calculate the following. a) Cost of Goods Sold using Specific Identification Available for Sale Date January 1 March 14 July 30 October 26 Activity Beginning Inventory Purchase Purchase Purchase b) Gross Margin using Specific Identification Beginning inventory Cost of goods sold Less: Equals: # of units $ 235 $ 11.40 360 $ 16.40 435 $ 21.40 135 $26.40 1,165 Cost Per Unit 9,342 12,114 Cost of Goods Sold # of units sold Cost Per Unit 0 $ 295 $ 340 $ 0 $ 635 Cost of Goods Sold 11.40 $ 16.40 21.40 26.40 $ 0 4,838 7,276 0 12,114 Ending Inventory Units Ending Inventory Cost Per Unit 235 $ 65 $ 95 $ 135 $ 530 Ending Inventory Cost 11.40 $ 16.40 21.40 26.40 $ 2,679 1,066 2,033 3,564 9,342

Financial And Managerial Accounting
Financial And Managerial Accounting
15th Edition
ISBN:9781337902663
Author:WARREN, Carl S.
Publisher:WARREN, Carl S.
Chapter6: Inventories
Section: Chapter Questions
Problem 4BE: Beginning inventory, purchases, and sales for WCS12 are as follows: Assuming a perpetual inventory...
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can you help me complete this ones, the second table I think I did wrong

Hemming Company reported the following current-year purchases and sales for its only product.

Date Activities Units Acquired at Cost Units Sold at Retail
January 1 Beginning inventory 235 units @ $11.40 = $ 2,679      
January 10 Sales           170 units @ $41.40
March 14 Purchase 360 units @ $16.40 = 5,904      
March 15 Sales           290 units @ $41.40
July 30 Purchase 435 units @ $21.40 = 9,309      
October 5 Sales           410 units @ $41.40
October 26 Purchase 135 units @ $26.40 = 3,564      
  Totals 1,165 units     $ 21,456 870 units  

 

Ending inventory consists of 65 units from the March 14 purchase, 95 units from the July 30 purchase, and all 135 units from the October 26 purchase. Using the specific identification method, calculate the following. a) Cost of Goods Sold using Specific Identification Available for Sale Date January 1 March 14 July 30 October 26 Activity Less: Equals: Beginning Inventory Purchase Purchase Purchase b) Gross Margin using Specific Identification Beginning inventory Cost of goods sold # of units $ 235 $ 11.40 360 $ 16.40 435 $ 21.40 135 $ 26.40 1,165 Cost Per Unit 9,342 12,114 # of units sold Cost of Goods Sold $ 295 $ 340 $ 0 $ S 0 635 Cost Per Unit 11.40 16.40 21.40 26.40 ‒‒‒ Cost of Goods Sold $ $ 0 4,838 7,276 0 12,114 Ending Inventory Units Ending Inventory Cost Per Unit $ 235 65 $ 95 $ 135 $ 530 Ending Inventory Cost 11.40 $ 16.40 21.40 26.40 $ 2,679 1,066 2,033 3,564 9,342
Transcribed Image Text:Ending inventory consists of 65 units from the March 14 purchase, 95 units from the July 30 purchase, and all 135 units from the October 26 purchase. Using the specific identification method, calculate the following. a) Cost of Goods Sold using Specific Identification Available for Sale Date January 1 March 14 July 30 October 26 Activity Less: Equals: Beginning Inventory Purchase Purchase Purchase b) Gross Margin using Specific Identification Beginning inventory Cost of goods sold # of units $ 235 $ 11.40 360 $ 16.40 435 $ 21.40 135 $ 26.40 1,165 Cost Per Unit 9,342 12,114 # of units sold Cost of Goods Sold $ 295 $ 340 $ 0 $ S 0 635 Cost Per Unit 11.40 16.40 21.40 26.40 ‒‒‒ Cost of Goods Sold $ $ 0 4,838 7,276 0 12,114 Ending Inventory Units Ending Inventory Cost Per Unit $ 235 65 $ 95 $ 135 $ 530 Ending Inventory Cost 11.40 $ 16.40 21.40 26.40 $ 2,679 1,066 2,033 3,564 9,342
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