Hemming Company reported the following current-year purchases and sales for its only product.DateJanuary 1January 10ActivitiesBeginning inventory_Units Acquired at Cost220 units @ $10.80 =Units Sold at Retail$ 2,376Sales190 units@ $40.80March 14March 15July 30October 5October 26PurchaseTotalsPurchaseSalesPurchaseSales330 units@ $15.80 =5,214280 units@ $40.80420 units@ $20.80 =8,736390 units@ $40.80120 units1,090 units@$25.80=3,096$ 19,422860 unitsjired:ming uses a perpetual inventory system.Determine the costs assigned to ending inventory and to cost of goods sold using FIFO.Determine the costs assigned to ending inventory and to cost of goods sold using LIFO.Compute the gross profit for FIFO method and LIFO method.

Requirement 1:Preparation of perpetual inventory report under the FIFO method by using the following…

Answered: Hemming Company reported the following…

Financial Accounting: The Impact on Decision Makers

10th Edition

ISBN:9781305654174

Author:Gary A. Porter, Curtis L. Norton

Publisher:Gary A. Porter, Curtis L. Norton

Chapter5: Inventories And Cost Of Goods Sold

Section: Chapter Questions

Problem 5.13MCP

See similar textbooks

Similar questions

Required Information [The following information applies to the questions displayed below.] Hemming Co. reported the following current-year purchases and sales for its only product. Activities Units Acquired at Cost 3e0 units e $14.00 - $ 4,200 Date Units Sold at Retail Jan. 1 Beginning inventory Jan. 10 Sales 250 units e s44.00 Mar.14 Purchase Mar. 15 Sales July 30 Purchase Oct. 5 Sales Oct.26 Purchase 520 units e $19.00 - 9,88e 468 units e $44.80 see units e $24.00 12, 800 488 units e $44.00 200 units e $29.e0 5,800 Totals 1,520 units $31,880 1,198 units Required: Hemming uses a periodic inventory system. (e) Determine the costs essigned to ending inventory and to cost of goods sold using FIFO. (b) Determine the costs ossigned to ending inventory and to cost of goods sold using LIFO. (c) Compute the gross margin for each method. a) Perlodic FIFO Cost of Goode Avallable for Sale Cost of Goode sold Ending Inventory Cost of Goode # of unite Cost per unit # of unite Cost per sold Cost of…
Hall Company’s beginning inventory and purchases during the fiscal year ended December 31, 20--, were as follows: UnitsUnit PriceTotal CostJanuary 1Beginning inventory800$11.00$8,800March 51st purchase60012.007,200April 162nd purchase50012.506,250June 33rd purchase70014.009,800August 184th purchase80015.0012,000September 135th purchase90017.0015,300November 146th purchase40018.007,200December 37th purchase50020.3010,150 5,200 $76,700 There are 1,100 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:(a)FIFO(b)LIFO(c)Weighted-average (round calculations to two decimal places)2.Assume that the market price per unit (cost to replace) of Hall’s inventory on December 31 was $16. Calculate the total amount to be assigned to the ending inventory on December 31 under each of the following methods:(a)FIFO lower-of-cost-or-market(b)Weighted-average…
Hemming Company reported the following current-year purchases and sales for its only product. Units Acquired at Cost 8 $12.40- Activities Beginning inventory Sales Purchase Sales Purchase Sales @$17.40- @$22.40- Purchase @ $27.40 Totals Date January 1 January 10 March 14 March 15 July 30 October 5 October 26 a) Cost of Goods Sold using Specific Identification Available for Sale Date January 1 March 14 July 30 October 20 Activity Less: Equals: Beginning Inventory Purchase Purchase Purchase b) Gross Margin using Specific Identification of units 260 units 420 units 260 420 460 160 1,300 460 units Ending inventory consists of 45 units from the March 14 purchase, 75 units from the July 30 purchase, and all 160 units from the October 26 purchase. Using the specific identification method, calculate the following. 160 units. 1,300 units. $ 3,224 7,308 Cost Per #of units Unit sold 10,304 4,384 $ 25,220 Cost of Goods Sold Cost Por Unit Units Sold at Retail: COGS 215 units 380 units 425 units…
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
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…
1. A firm's purchases and sales during a period occur in the following order: Beginning inventory 3 units @ $390 per unit Purchase 7 units @ $385 per unit Sale 5 units Purchase 4 units @ $380 per unit Sale 8 units Purchase 5 units @ $370 per unit Using LIFO and a perpetual inventory system, the firm's cost of sales for the period is: A $4,605. B. $4,995. C. $5,145.
Hemming Company reported the following current-year purchases and sales for its only product. Date January 1 January 10 March 14 Activities Units Acquired at Cost 285 units Beginning inventory Sales Purchase Sales Purchase Units Sold at Retail e $13.40 = $ 3,819 470 units e $18.40 = 250 units @ $43.40 March 15 July 30 October 5 October 26 8,648 485 units @ $23.40 - 400 units e $43.40 11,349 Sales Purchase 460 units @ $43.40 185 units e s28.40 = 5,254 $ 29,070 Totals 1,425 units 1,110 units 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 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.
[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 Activities Beginning inventory Sales March 14 March 15 July 30 October 5 October 26 Purchase Sales Purchase Sales Purchase Totals Units Acquired at Cost Units Sold at Retail 205 units @ $10.20 $ 2,091 160 units @ $40.. 300 units @ $15.20 = 4,560 250 units @ $40.. 400 units @ $20.20 = 8,080 375 units @ $40.. 105 units 1,010 units @ $25.20 2,646 $ 17,377 785 units mming uses a periodic inventory system. Ending inventory consists of 45 units from the March 14 purchase, 75 ts from the July 30 purchase, and all 105 units from the October 26 purchase. Using the specific identification thod, calculate the following. Cost of Goods Sold using Specific Identification te Activity nuary 1 Beginning Inventory irch 14 Purchase ly 30 Purchase :tober 26 Purchase Available for Sale Cost of Goods Sold Ending # of…
Required information [The following information applies to the questions displayed below.] During the year, Trombley Incorporated has the following inventory transactions. Date Transaction Numberof Units UnitCost Total Cost Jan. 1 Beginning inventory 10 $ 12 $ 120 Mar. 4 Purchase 15 11 165 Jun. 9 Purchase 20 10 200 Nov. 11 Purchase 20 8 160 65 $ 645 For the entire year, the company sells 50 units of inventory for $20 each. 3. Using weighted-average cost, calculate ending inventory, cost of goods sold, sales revenue, and gross profit. (Round "Average Cost per unit" to 2 decimal places and all other answers to the nearest whole number.)
Hemming Co. reported the following current-year purchases and sales for its only product. Date Activities Units Acquired at Cost Units Sold at Retail Jan. 1 Beginning inventory 210 units @ $10.40 = $ 2,184 Jan. 10 Sales 170 units @ $40.40 Mar. 14 Purchase 310 units @ $15.40 = 4,774 Mar. 15 Sales 270 units @ $40.40 July 30 Purchase 410 units @ $20.40 = 8,364 Oct. 5 Sales 380 units @ $40.40 Oct. 26 Purchase 110 units @ $25.40 = 2,794 Totals 1,040 units $ 18,116 820 units Exercise 5-8 Specific identification LO P1 Required:Hemming uses a perpetual inventory system. Assume that ending inventory is made up of 40 units from the March 14 purchase, 70 units from the July 30 purchase, and all 110 units from the October 26 purchase. Using the specific identification method, calculate the following.
Hemming Co. reported the following current-year purchases and sales for its only product. Date Activities Units Acquired at Cost Units Sold at Retail Jan. 1 Beginning inventory 210 units @ $10.40 = $ 2,184 Jan. 10 Sales 170 units @ $40.40 Mar. 14 Purchase 310 units @ $15.40 = 4,774 Mar. 15 Sales 270 units @ $40.40 July 30 Purchase 410 units @ $20.40 = 8,364 Oct. 5 Sales 380 units @ $40.40 Oct. 26 Purchase 110 units @ $25.40 = 2,794 Totals 1,040 units $ 18,116 820 units Exercise 5-9A Periodic: Inventory costing system LO P3 Required:Hemming 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 margin for each method.
Gale Company has the following inventory and purchases during the fiscal year ended December 31, 2023. Beginning Inventory 10 purchased sold purchased purchased Feb. Feb. 20 Mar. 13 Sept. 5 Oct. 10 sold 315 units @ $ 230 units @ $ 395 units @$ 261 units @ $ 280 units @ $ 535 units @$ a FIFO b. Moving weighted average 87/unit 91/unit 167/unit Gale Company employs a perpetual inventory system. 85/unit 71/unit 167/unit Required: 1. Calculate the dollar value of ending inventory and cost of goods sold using: (Round your intermediate calculations and final answers to 2 decimal places.) Ending Inventory Cost of Goods Sold

SEE MORE QUESTIONS

Recommended textbooks for you

Financial Accounting: The Impact on Decision Make…

Accounting

ISBN:

9781305654174

Author:

Gary A. Porter, Curtis L. Norton

Publisher:

Cengage Learning