Hemming Company reported the following current-year purchases and sales for its only product.Units Acquired at Cont235 unite$11.40-DateJanuary 1January 10March 14March 15ActivitiesBeginning inventorySalesPurchaseSales$16.40-360 units435 units#$21.40.July 30October 5October 26PurchaseSalesPurchase135 units1,165 unitsTotalsRequired:Hemming uses a perpetual inventory system.$26.40Complete this question by entering your answers in the tabs below.Required 31. Determine the costs assigned to ending inventory and to cost of goods sold using FIFO.2. Determine the costs assigned to ending inventory and to cost of goods sold using LIFO3. Compute the gross profit for FIFO method and LIFO method.Required 1 Required 2Determine the costs assigned to ending inventory and to cost of goods sold using FIFO,$ 2,6795,9049,3093,564$ 21,456Units sold at Retail170 unite290 unit410 unita870 units$41.40#541.40$41.40

Name: Hemming Company reported the following current-year purchases and sal
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Description: Hemming Company reported the following current-year purchases and sales for its only product.Units Acquired at Cont235 unite$11.40-DateJanuary 1January 10March 14March 15ActivitiesBeginning inventorySalesPurchaseSales$16.40-360 units435 units#$21.40

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Hemming Company reported the following current year purchases and sales for its only product. Activities Beginning inventory Units Acquired at Cost #$11.40- Sales Purchase Sales Purchase Sales Purchase Totals January 1 January 10 March 14 March 15 July 20 October 5 October 26 Required: Hemming uses a perpetual inventory system. 235 unite 360 units 435 unite 135 units 1,165 unita $16.40- $21.40- $26.40- 2,679 5,904 9,309 3,564 $ 23,456 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. Units sold at Retail 170 unite 290 units 410 unit 870 unita $41.40 #141.40 041.40

Hemming Company reported the following current year purchases and sales for its only product. Activities Beginning inventory Units Acquired at Cost #$11.40- Sales Purchase Sales Purchase Sales Purchase Totals January 1 January 10 March 14 March 15 July 20 October 5 October 26 Required: Hemming uses a perpetual inventory system. 235 unite 360 units 435 unite 135 units 1,165 unita $16.40- $21.40- $26.40- 2,679 5,904 9,309 3,564 $ 23,456 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. Units sold at Retail 170 unite 290 units 410 unit 870 unita $41.40 #141.40 041.40

Financial And Managerial Accounting

15th Edition

ISBN:9781337902663

Author:WARREN, Carl S.

Publisher:WARREN, Carl S.

Chapter5: Accounting For Retail Businesses

Section: Chapter Questions

Problem 41E: Cost of goods sold and related items The following data were extracted from the accounting records...

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Hemming Company reported the following current-year purchases and sales for its only product. Activities Beginning inventory Sales Units Acquired at Cost @$12.20 = Purchase @$17.20 = Sales Purchase @ $22.20 = Sales Purchase Totals Date January 1 January 10 March 14 March 15 July 30 October 5 October 26 Required: Hemming uses a perpetual inventory system. 255 units 410 units 455 units 155 units 1,275 units @ $27.20 $ 3,111 7,052 10,101 4,216 $ 24,480 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. Units Sold at Retail 210 units 350 units 430 units 990 units @ $42.20 @ $42.20 @ $42.20
Zoola, Inc. provided the following information regarding its inventory for the current year, its second yearof operations.Transaction Units Unit CostBeginning inventory1/1 3,000 17.00Purchases, January 23 4,500 16.00Purchases, February 14 1,200 16.50Purchases, March 17 2,300 17.00 Units Sold-April 13 at 20 9,600Purchases, May 5 5,600 15.00Purchases, July 4 3,200 16.00 Unit Sold-October 31 at 19 8,700Purchases, November 22 1,400 15.00Instruction :1.1 Compute Zoola’s ending inventory and cost of goods sold under the following cost-flow assumptions assuming a perpetual inventory…
01 Ross Company provided the following data for the current. year: Problem 14-11 (IAA) Retail Cost 1,650,000 4,200,000 2,000,000 6N Beginning inventory Net purchases Net markup Net markdown 800,000 200,000 - Net sales The entity used the average retail inventory method to estimate ending inventory. It was determined that the average cost of the ending inventory was P1,950,000. If the entity used the FIF0 retail method, the cost ratio would have been 60%. 1. What is the amount of net purchases at original retail before markup and markdown? a. 7,600,000 b. 7,000,000 с. 4,200,000 d. 6,400,000 2. What amount was reported as net sales? a. 9,000,000 b. 3,000,000 c. 6,000,000 d. 7,000,000 3. What amount was reported as cost of goods sold? a. 3,900,000 b. 3,000,000 c. 3,600,000 d. 1,800,000 398 E HA C
Rapid Roller Inc. Adjusted Trial Balance December 31, 2018 Debit Credit 140,000 275,000 Cash Accounts Receivable Allowance for Doubtful Accounts $ 22,000 Notes Receivable 10,000 Supplies Inventory, 1/1/18 Equipment Accumulated Deperciation - Equipment 23,000 X1 950,000 1,250,000 300,000 Building Accumulated Deperciation - Building 2,000,000 450,000 Land 155,000 Accounts Payable 365,000 Salaries and Wages Payable Notes Payable Mortgage Payable Common Stock 24,000 125,000 1,750,000 Par $ 0.01 20,000 APIC 980,000 Retained Earnings (110,000) Dividends - Common 50,000 Sales Revenue 2,650,000 Sales Discounts 35,000 Sales Returns and Allowances 68,000 X2 Purchases 1,060,000 X3 Purchase Discounts 21,000 Freight In 19,000 195,000 X4 Selling Expenses $ Administrative Expenses $ 245,000 Rent Revenue 26,000 Income Tax Expense $ 325,000 Gain on Sale of Land 177,000 6,800,000 $ 6,800,000 The above adjusted trial balance does not include a balance for Cost of Goods Sold (COGS). The reason, the above…
Douglas Company's beginning inventory and purchases during the fiscal year ended December 31, 20--, were as shown. Units Unit Price Total Cost January 1, 20- Beginning inventory 1,120 $ 8.20 $ 9,184 March 5 1st purchase 880 9.20 8,096 April 16 2nd purchase 400 9.70 3,880 June 3 3rd purchase 700 10.40 7,280 August 18 4th purchase 600 11.10 6,660 September 13 Sth purchase 780 12.10 9,438 November 14 6th purchase 400 14.20 5,680 December 3 7th purchase 520 14.25 7,410 5,400 $ 57,628 There are 1,000 units of inventory on hand on December 31. Required: 1. Calculate the total amount to be assigned to the ending inventory and cost of goods sold on December 31 under each of the following methods: Cost of Goods Cost of Ending Sold Inventory a. FIFO %24 b. LIFO c. Weighted-average (round calculations to two decimal places) 2. Assume that the market price per unit (cost to replace) of Douglas's inventory on December 31 was $13. Calculate the total amount to be assigned to the ending inventory on…
RJ Corporation has provided the following information about one of Its inventory Items: ber of eite Cout per Unit annaction Beginning Inventory Date $3,280 $3,640 $4,080 $4,360 1/1 408 6/6 Purchase 808 9/10 Purchase 1,240 11/15 Purchase 808 During the year, RJ sold 3,080 units. What was cost of goods sold using the LIFO cost flow assumption? Multiple Choice $12,167,920. $12,257,920. $12,059,200. $12,136,408. < Prev 59 of 67 Next MacBook Air
SPECIFIC IDENTIFICATION, FIFO, LIFO, AND WEIGHTED-AVERAGESwing Company's beginning inventory and purchases during the fiscalyear ended September 30, 20-2, were as follows: Beginning inventory Units Unit price total cost October 1, 20-1October 18November 25January 12, 20-2March 17June 2August 21September 27 Beginning inventory1st purchase2nd purchase3rd purchase4th purchase5th purchase6th purchase7th purchase 400500200300900800200700 $20.0020.5021.5023.024.5025.0026.027.00 $ 8,00010,2504,3006,90022,05020,0005,20018,900 4,000 $95,600 Use the following information for the specific identification method.There are 1,300 units of inventory on hand on September 30, 20-2. Ofthese 1,300 units: 100 are from October 18, 20-1200 are from January 12, 20-2100 are from March 17400 are from June 2200 are from August 21300 are from September 27 1st purchase3rd purchase4th purchase5th purchase6th purchase7th purchase REQUIREDCalculate the total amount to be assigned to cost of…
Montoure Company uses a perpetual inventory system. It entered into the following calendar-year purchases and sales transactions Activities Units Sold at Retail Units Acquired at Cost 600 units @ $35 per unit 300 units @ $32 per unit 150 units @ $20 per unit Date Jan. 1 Beginning inventory Feb. 10 Purchase Mar. 13 Purchase Mar. 15 Sales Aug. 21 Purchase Sept. 5 Purchase Sept. 10 Sales Totala 190 unita 540 unita 1,780 units $40 per unit $37 per unit 725 units @ $80 per unit 730 unita $80 per unit 1,455 units
Montoure Company uses a perpetual inventory system. It entered into the following calendar-year purchases and sales transactions Activities Units Sold at Retail Unita Acquired at Cost 600 unita $35 per unit 300 unite @ $32 per unit 150 units @ $20 per unit Date. Jan. 1 Beginning inventory Feb. 10 Purchase. Mar. 13 Purchase Mar. 15 Sales Aug. 21 Purchase. Sept. 5 Purchase. Sept. 10 Sales Totaln 190 units @ $40 per unit 540 units $37 per unit Cost of goods available for sale Number of units available for sale 1,780 units 725 units @ $80 per unit Required: 1. Compute cost of goods available for sale and the number of units available for sale. units 730 unite $80 per unit 1,455 unite
What is peridocznym fifo and lifo
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Chapter 1-Inventories Inancial lued a ating Mega Company had the following inventory transactions during 2019 Unit Selling Price Units 250 200 275 (120) (55) (250) 300 Unit Cost P10.50 11.00 Inventory, January 1 Purchase, March 7 Purchase, July 15 Sale, May 20 Sale, June 30 Sale, September 17 Inventory, December 31 अधि a P562,500 11.75 P14.00 15.00 16.00 endor om eived and shipped on REQUIRED: 31, 2019 ry 2, 2020 -The goods Determine the cost of ending Insontory, cost of goods sold and gross profit under cach of the following inientory cost flru methods. Complete the table given beiow. cost to nearest rentare and total cost fo neerest pese (Where necessary, round off unit पा oापा ecember 31 in the year ere deliverr Cost of End ng Inventory Cost of Goods Sold Gross Proft FIFO Weighted Average received an