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 300 units Units Acquired at Cost @$14.00 Units Sold at Retail = $ 4,200 250 units @ $44.00 520 units @$19.00 = 9,880 460 units @$44.00 500 units @ $24.00 12,000 480 units @ $44.00 200 units $29.00 = 1,520 units 5,800 $ 31,880 1,190 units 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 and to cost of goods sold using LIFO. 3. Compute the gross profit for FIFO method and LIFO method. Complete this question by entering your answers in the tabs below. < Prev 6 of 6 Next >
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 300 units Units Acquired at Cost @$14.00 Units Sold at Retail = $ 4,200 250 units @ $44.00 520 units @$19.00 = 9,880 460 units @$44.00 500 units @ $24.00 12,000 480 units @ $44.00 200 units $29.00 = 1,520 units 5,800 $ 31,880 1,190 units 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 and to cost of goods sold using LIFO. 3. Compute the gross profit for FIFO method and LIFO method. Complete this question by entering your answers in the tabs below. < Prev 6 of 6 Next >
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text: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
300 units
Units Acquired at Cost
@$14.00
Units Sold at Retail
=
$ 4,200
250 units @ $44.00
520 units
@$19.00
=
9,880
460 units
@$44.00
500 units
@ $24.00
12,000
480 units
@ $44.00
200 units
$29.00
=
1,520 units
5,800
$ 31,880
1,190 units
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 and to cost of goods sold using LIFO.
3. Compute the gross profit for FIFO method and LIFO method.
Complete this question by entering your answers in the tabs below.
< Prev
6 of 6
Next >
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