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 ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Required information [The following information applies to the questions displayed below.] Hemming Company reported the following current-year purchases and sales for its only product. Date January 1 January 10 March 14 March 151 July 30 October 5 October 26 Activities beginning inventory Sales Purchase Sales Purchase Sales Purchase Totals Required: Hemming uses a perpetual inventory system. Units Acquired at Cost $11.40- 235 units 360 units 435 units 135 units 1,165 units $16.40- $21.40- $26.40- $ 2,679 5,904 9,309 3,564 $ 21,456 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 units 290 units 410 units 870 units $41.40 $41.40 @$41.40
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