Hemming Company reported the following current-year purchases and sales for its only product. Date January 1 January 10 Activities Beginning inventory Units Acquired at Cost @$10.20 = Sales Purchase @$15.20 = March 14 March 15 July 30 October 5 @ $20.20 = October 26 Sales Purchase Sales Purchase Totals Required: Hemming uses a perpetual inventory system. 205 units 300 units 400 units 105 units 1,010 units @ $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 Activities Beginning inventory Units Acquired at Cost @$10.20 = Sales Purchase @$15.20 = March 14 March 15 July 30 October 5 @ $20.20 = October 26 Sales Purchase Sales Purchase Totals Required: Hemming uses a perpetual inventory system. 205 units 300 units 400 units 105 units 1,010 units @ $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

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.DateJanuary 1January 10ActivitiesBeginning inventorySalesUnits Acquired at Cost@ $10.20 =March 14Purchase@ $15.20 =March 15SalesJuly 30Purchase@ $20.20 =Sal

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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Prove all 5 parts of answer
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