The following information applies to the questions displayed below;Hemming Company reported the following current-year purchases and sales for its only product.DateActivitiesJanuary 1Beginning inventoryJanuary 10SalesMarch 14PurchaseMarch 15Sales-July 30PurchaseOctober SOctober 26SalesPurchaseTotals275 units450 units475 unitsUnits Acquired at Cost$13.00-$18.00$23.00-Units Sold at Retail$3,575230 units$43.008,10010,925408 units455 units$43.00$43.00175 units1,375 units@$28.904,900$ 27,5001,885 unitsHemming uses a periodic inventory system.(a) Determine the costs assigned to ending inventory and to cost of goods sold using FIFO.(b) Determine the costs assigned to ending inventory and to cost of goods sold using LIFO.(c) Compute the gross profit for each method.a) Periodic FIFOBeginning inventoryPurchasesMarch 14July 30October 28Totalb) Periodio LIFOBeginning inventoryPurchases:Cost of Goods Available for SaleCost of Goods SoldEnding Inventory# of units Cost per unitCost of GoodsAvailable for SaleCost of Goods# of units sold Cost per unitof units in ending Cost per unitEnding InventorySoldinventory275 $13.00 $3,575275 513.00$3,5750450$18.008,10004518.00$810475$23.0010,925175$23.004.02517523.00 $4.026175 $28.004,900017528.004,9001,37527,5004507.600395$9,735Cost of Goods Available for Sale.Cost of Goods SoldEnding Inventory# of unitsCost per unitCost of Goods:Available for SaleCost of Goods# of units sold Cost per unitSoldof units in ending Cost per unitinventoryEnding Inventory27513.00 $3,575이275 $13.00 $3.575March 14450S18.008,10018.00900400 $18.00July 30475323.0010.025475 $23.0010.925October 2017528.004,000175$28.004,900Total1,375$27,500700$10.725675c) Gross profitSalesCost of goods soldGross profitFIFOLIFO7.20010,775

The inventory can be valued using various methods as FIFO, LIFO and average method.Using FIFO,the…

Answered: Hemming Company reported the following…

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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Hemming Co. reported the following current-year purchases and sales for its only product. Units Sold at Retail Units Acquired at Cost 200 units Date Activities Jan. 1 Beginning inventory @ $10 = $ 2,000 150-tinits Jan. 10 Sales @ $40 Mar. 14 Purchase 350 units @ $15 5,250 Mar.15 Sales 300 units @ $40 July30 Purchase Oct. 5 Sales 450 units @ $20 9,000 !! 430 units @$40 Oct. 26 Purchase 100 units @ $25 2,500 %3D Totals 1,100 units $18,750 880 units
can you help me complete this ones, the second table I think I did wrong Hemming Company reported the following current-year purchases and sales for its only product. Date Activities Units Acquired at Cost Units Sold at Retail January 1 Beginning inventory 235 units @ $11.40 = $ 2,679 January 10 Sales 170 units @ $41.40 March 14 Purchase 360 units @ $16.40 = 5,904 March 15 Sales 290 units @ $41.40 July 30 Purchase 435 units @ $21.40 = 9,309 October 5 Sales 410 units @ $41.40 October 26 Purchase 135 units @ $26.40 = 3,564 Totals 1,165 units $ 21,456 870 units
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Tree Seedlings has the following current-year purchases and sales for its only product. Units Sold at Retail Date Activities Units Acquired at Cost Jan. 1 Beginning inventory Jan. 3 Sales 180 units @ $2 = $ 360 Feb. 14 Feb. 15 Sales Purchase 282 units @ $3 = $ 846 118 units @ $8 200 units @ $8 June 30 Purchase 230 units @ $4 = $ 920 Nov. 6 Sales Nov. 19 Purchase Totals 170 units @ $8 76 units @ $5 768 units = $ 380 $2,506 488 units Required: The company uses a perpetual inventory system. a. Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. b. Determine the costs assigned to ending inventory and to cost of goods sold using LIFO. c. Compute the gross margin for each method.
Use the following information for the Exercises 8-10 below. (Algo) Skip to question [The following information applies to the questions displayed below.] Hemming Company reported the following current-year purchases and sales for its only product. Date Activities Units Acquired at Cost Units Sold at Retail January 1 Beginning inventory 240 units @ $11.60 = $ 2,784 January 10 Sales 180 units @ $41.60 March 14 Purchase 370 units @ $16.60 = 6,142 March 15 Sales 330 units @ $41.60 July 30 Purchase 440 units @ $21.60 = 9,504 October 5 Sales 415 units @ $41.60 October 26 Purchase 140 units @ $26.60 = 3,724 Totals 1,190 units $ 22,154 925 units Exercise 5-9 (Algo) Specific identification LO P1 Ending inventory consists of 55 units from the March 14 purchase, 70 units from the July 30 purchase, and all 140 units from the October 26 purchase. Using the specific identification method, calculate…
what is pooling of Interest Method?
! Required information [The following information applies to the questions displayed below.] Laker Company reported the following January purchases and sales data for its only product. For specific identification, ending inventory consists of 275 units from the January 30 purchase, 5 units from the January 20 purchase, and 25 units from beginning inventory. Date January 1 January 10 January 20 January 25 January 30 Activities Beginning inventory Sales Purchase Sales Purchase Totals 130 units @ 275 units @ 580 units Units Acquired at Cost 175 units @ $ 10.00 = $ 9.00 = Units sold at Retail $ 1,750 135 units @ $ 19.00 1,170 140 units $ 19.00 $ 7.00 = 1,925 $ 4,845 275 units The Company uses a periodic inventory system. For specific identification, ending inventory consists of 275 units from the January 30 purchase, 5 units from the January 20 purchase, and 25 units from beginning inventory. Determine the cost assigned to ending inventory and to cost of goods sold using (a) specific…
Required information [The following information applies to the questions displayed below.] Tree Seedlings has the following current-year purchases and sales for its only product. Date January 1 January 3 Activities Beginning inventory Sales February 14 February 15 June 30 November 6 November 19 Purchase Sales Purchase Sales Purchase Totals Units Acquired at Cost 40 units Units Sold at Retail @ $2 = $ 80 30 units @ $8 70 units @ $3 = $ 210 60 units @ $8 90 units @ $4 = $ 360 86 units @ $8 20 units 220 units @ $5 = $ 100 $ 750 176 units The company uses a periodic 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 each method. Complete this question by entering your answers in the tabs below. Required A Required B Required C Determine the costs assigned to ending inventory and to cost of goods sold using FIFO.…
! Required information [The following information applies to the questions displayed below.] Laker Company reported the following January purchases and sales data for its only product. For specific identification, ending inventory consists of 275 units from the January 30 purchase, 5 units from the January 20 purchase, and 25 units from beginning inventory. Date January 1 Activities Beginning inventory 175 units @ Units Acquired at Cost $ 10.00 = Units sold at Retail $ 1,750 January 10 January 20 January 25 January 30 Sales Purchase Sales 135 units $ 19.00 130 units @ $ 9.00 = Purchase Totals 275 units @ 580 units $ 7.00 = 1,170 1,925 140 units $ 19.00 $ 4,845 275 units The Company uses a periodic inventory system. For specific identification, ending inventory consists of 275 units from the January 30 purchase, 5 units from the January 20 purchase, and 25 units from beginning inventory. Determine the cost assigned to ending inventory and to cost of goods sold using (a) specific…
Required information Use the following information for the Exercises 8-10 below. (Algo) Skip to question [The following information applies to the questions displayed below.] Hemming Company reported the following current-year purchases and sales for its only product. Date Activities Units Acquired at Cost Units Sold at Retail January 1 Beginning inventory 230 units @ $11.20 = $ 2,576 January 10 Sales 160 units @ $41.20 March 14 Purchase 350 units @ $16.20 = 5,670 March 15 Sales 320 units @ $41.20 July 30 Purchase 430 units @ $21.20 = 9,116 October 5 Sales 400 units @ $41.20 October 26 Purchase 130 units @ $26.20 = 3,406 Totals 1,140 units $ 20,768 880 units Exercise 5-8 (Algo) Perpetual: Inventory costing methods—FIFO and LIFO LO P1 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…
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Tannin Products Inc. prepared the following factory overhead cost budget for the Trim Department for July of the current year, during which it expected to use 14,000 hours for production: Variable overhead cost: Indirect factory labor $44,800 Power and light 10,360 Indirect materials 21,000 Total variable overhead cost $ 76,160 Fixed overhead cost: Supervisory salaries $54,380 Depreciation of plant and equipment 14,310 Insurance and property taxes 26,710 Total fixed overhead cost 95,400 Total factory overhead cost $171,560 Tannin has available 18,000 hours of monthly productive capacity in the Trim Department under normal business conditions. During July, the Trim Department actually used 13,000 hours for production. The actual fixed costs were as budgeted. The actual variable overhead for July was as follows: Actual variable factory overhead cost: Indirect factory labor $40,560…

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