Exercise 5-8 Periodic: Inventory costing methods-FIFO and LIFO P1 Hemming Co. reported the following current-year purchases and sales for its only product. Date Jan. 1 Jan. 10 Mar. 14 Mar. 15 July 30 Oct. 5 Oct. 26 Activities Beginning inventory.... Sales..... Purchase Sales..... Purchase Sales.. Purchase Totals Units Acquired at Cost 200 units @ $10=$ 2,000 350 units@ $15 = 450 units @ $20 = 100 units@ $25 = 1,100 units 5,250 9,000 2,500 $18,750 Units Sold at Retail 150 units @ $40 300 units @ $40 430 units @ $40 880 units
Exercise 5-8 Periodic: Inventory costing methods-FIFO and LIFO P1 Hemming Co. reported the following current-year purchases and sales for its only product. Date Jan. 1 Jan. 10 Mar. 14 Mar. 15 July 30 Oct. 5 Oct. 26 Activities Beginning inventory.... Sales..... Purchase Sales..... Purchase Sales.. Purchase Totals Units Acquired at Cost 200 units @ $10=$ 2,000 350 units@ $15 = 450 units @ $20 = 100 units@ $25 = 1,100 units 5,250 9,000 2,500 $18,750 Units Sold at Retail 150 units @ $40 300 units @ $40 430 units @ $40 880 units
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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![Refer to the information in
Exercise 5-8 and assume the
perpetual inventory system is
used. Determine the costs
assigned to ending inventory and
to cost of goods sold using (a)
FIFO and (b) LIFO. (c) Compute
the gross profit for each method](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F5c9526c1-c92e-4b17-b334-bbc08d5d0873%2Ff36ddbcf-984f-44cc-af1e-24159e83d6d1%2Fdrxwap_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Refer to the information in
Exercise 5-8 and assume the
perpetual inventory system is
used. Determine the costs
assigned to ending inventory and
to cost of goods sold using (a)
FIFO and (b) LIFO. (c) Compute
the gross profit for each method
![Exercise 5-8
Periodic: Inventory costing
methods-FIFO and LIFO
P1
Hemming Co. reported the following current-year purchases and sales for its only product.
Date
Jan. 1
Jan. 10
Mar. 14.
Mar. 15
July 30
Oct. 5
Oct. 26
Activities
Beginning inventory....
Sales.
Purchase
Sales.
Purchase
Sales.
Purchase
Totals
Units Acquired at Cost
200 units @ $10-$ 2,000
350 units @ $15 =
450 units @ $20 =
100 units @ $25 =
1,100 units
5,250
9,000
2,500
$18,750
Units Sold at Retail
150 units @ $40
300 units @ $40
430 units @ $40
880 units](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F5c9526c1-c92e-4b17-b334-bbc08d5d0873%2Ff36ddbcf-984f-44cc-af1e-24159e83d6d1%2F3h4a0vl_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Exercise 5-8
Periodic: Inventory costing
methods-FIFO and LIFO
P1
Hemming Co. reported the following current-year purchases and sales for its only product.
Date
Jan. 1
Jan. 10
Mar. 14.
Mar. 15
July 30
Oct. 5
Oct. 26
Activities
Beginning inventory....
Sales.
Purchase
Sales.
Purchase
Sales.
Purchase
Totals
Units Acquired at Cost
200 units @ $10-$ 2,000
350 units @ $15 =
450 units @ $20 =
100 units @ $25 =
1,100 units
5,250
9,000
2,500
$18,750
Units Sold at Retail
150 units @ $40
300 units @ $40
430 units @ $40
880 units
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