Hemming Company reported the following current-year purchases and sales for its only product. Date January 1 January 10 March 14 Activities Beginning inventory Sales Units Acquired at Cost @$10.20 = Purchase March 15 Sales July 30 Purchase Sales. Purchase Totals October 5 October 26 Required: Hemming uses a perpetual inventory system. 205 units 300 units 400 units 105 units. 1,010 units @$15.20 = @$20.20 = @ $25.20 = $ 2,091 4,560 8,080 2,646 $ 17,377 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 160 units 250 units 375 units 785 units @$40.20 @ $40.20 @ $40.20
Hemming Company reported the following current-year purchases and sales for its only product. Date January 1 January 10 March 14 Activities Beginning inventory Sales Units Acquired at Cost @$10.20 = Purchase March 15 Sales July 30 Purchase Sales. Purchase Totals October 5 October 26 Required: Hemming uses a perpetual inventory system. 205 units 300 units 400 units 105 units. 1,010 units @$15.20 = @$20.20 = @ $25.20 = $ 2,091 4,560 8,080 2,646 $ 17,377 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 160 units 250 units 375 units 785 units @$40.20 @ $40.20 @ $40.20
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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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
Activities
Beginning inventory
Sales
Purchase
Sales
March 15
July 30
October 5
Purchase
Sales
October 26
Purchase
Totals
Required:
Hemming uses a perpetual inventory system.
Units Acquired at Cost
@ $10.20 =
@$15.20 =
205 units
300 units
400 units
105 units
1,010 units
@ $20.20 =
@ $25.20
=
$ 2,091
4,560
8,080
2,646
$ 17,377
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
160 units
250 units
375 units
785 units
@ $40.20
@ $40.20
@ $40.20](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F7de3240f-40e7-45ca-8858-1f87a56a037f%2F4702e478-ae38-422b-b957-c90dbc9c78d4%2Fg2td9k_processed.jpeg&w=3840&q=75)
Transcribed Image Text:!
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
Activities
Beginning inventory
Sales
Purchase
Sales
March 15
July 30
October 5
Purchase
Sales
October 26
Purchase
Totals
Required:
Hemming uses a perpetual inventory system.
Units Acquired at Cost
@ $10.20 =
@$15.20 =
205 units
300 units
400 units
105 units
1,010 units
@ $20.20 =
@ $25.20
=
$ 2,091
4,560
8,080
2,646
$ 17,377
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
160 units
250 units
375 units
785 units
@ $40.20
@ $40.20
@ $40.20
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