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 195 units @ $13.80 = $ 2,691 Jan. 10 Sales 185 units @ $43.80 Mar. 14 Purchase 345 units @ $18.80 = 6,486 Mar. 15 Sales 235 units @ $43.80 July 30 Purchase 495 units @ $23.80 = 11,781 Oct. 5 Sales 205 units @ $43.80 Oct. 26 Purchase 695 units @ $28.80 = 20,016 Totals 1,730 units $ 40,974 625 units Required: Hemming uses a perpetual inventory system. Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. 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 195 units @ $13.80 = $ 2,691 Jan. 10 Sales 185 units @ $43.80 Mar. 14 Purchase 345 units @ $18.80 = 6,486 Mar. 15 Sales 235 units @ $43.80 July 30 Purchase 495 units @ $23.80 = 11,781 Oct. 5 Sales 205 units @ $43.80 Oct. 26 Purchase 695 units @ $28.80 = 20,016 Totals 1,730 units $ 40,974 625 units Required: Hemming uses a perpetual inventory system. Determine the costs assigned to ending inventory and to cost of goods sold using FIFO.

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 195 units @ $13.80 = $ 2,691 Jan. 10 Sales 185 units @ $43.80 Mar. 14 Purchase 345 units @ $18.80 = 6,486 Mar. 15 Sales 235 units @ $43.80 July 30 Purchase 495 units @ $23.80 = 11,781 Oct. 5 Sales 205 units @ $43.80 Oct. 26 Purchase 695 units @ $28.80 = 20,016 Totals 1,730 units $ 40,974 625 units Required: Hemming uses a perpetual inventory system. Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. 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 195 units @ $13.80 = $ 2,691 Jan. 10 Sales 185 units @ $43.80 Mar. 14 Purchase 345 units @ $18.80 = 6,486 Mar. 15 Sales 235 units @ $43.80 July 30 Purchase 495 units @ $23.80 = 11,781 Oct. 5 Sales 205 units @ $43.80 Oct. 26 Purchase 695 units @ $28.80 = 20,016 Totals 1,730 units $ 40,974 625 units Required: Hemming uses a perpetual inventory system. Determine the costs assigned to ending inventory and to cost of goods sold using FIFO.

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter7: Inventories: Cost Measurement And Flow Assumptions

Section: Chapter Questions

Problem 2RE: On January 1, Pope Enterprises inventory was 625,000. Pope made 950,000 of net purchases during the...

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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.

Beginning inventory

195

units

@ $13.80

2,691

Jan.

Sales

185

units

@ $43.80

Mar.

Purchase

345

units

@ $18.80

6,486

Mar.

Sales

235

units

@ $43.80

July

Purchase

495

units

@ $23.80

11,781

Oct.

Sales

205

units

@ $43.80

Oct.

Purchase

695

units

@ $28.80

20,016

Totals

1,730

units

40,974

625

units

Required:

Hemming uses a perpetual inventory system.

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

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.

Beginning inventory

195

units

@ $13.80

2,691

Jan.

Sales

185

units

@ $43.80

Mar.

Purchase

345

units

@ $18.80

6,486

Mar.

Sales

235

units

@ $43.80

July

Purchase

495

units

@ $23.80

11,781

Oct.

Sales

205

units

@ $43.80

Oct.

Purchase

695

units

@ $28.80

20,016

Totals

1,730

units

40,974

625

units

Required:

Hemming uses a perpetual inventory system.

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

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