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Hemming Company reported the following current-year purchases and sales for its only product. Units Acquired at Cost Date January 1 January 10 @$11.00- @$16.00- @$21.00- $26.00 March 14 March 15 July 30 October 5 October 26 Activities Beginning inventory Sales Purchase Sales Purchase Sales Purchase. Totals Required: temming uses a perpetual inventory system. 225 units 340 units 425 units 125 units 1,115 units $ 2,475 5,440 8,925 3,250 $ 20,090 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 150 units 300 units 395 units 845 units @$41.00 @$41.00 @$41.00

Hemming Company reported the following current-year purchases and sales for its only product. Units Acquired at Cost Date January 1 January 10 @$11.00- @$16.00- @$21.00- $26.00 March 14 March 15 July 30 October 5 October 26 Activities Beginning inventory Sales Purchase Sales Purchase Sales Purchase. Totals Required: temming uses a perpetual inventory system. 225 units 340 units 425 units 125 units 1,115 units $ 2,475 5,440 8,925 3,250 $ 20,090 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 150 units 300 units 395 units 845 units @$41.00 @$41.00 @$41.00

FINANCIAL ACCOUNTING
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. Activities Beginning inventory Sales Purchase Sales Purchase Sales Purchase Totals Date January 1 January 10 March 14 March 15 July 30 October 5 October 26 Required: temming uses a perpetual inventory system. Units Acquired at Cost @$11.00 = @$16.00 M 225 units 340 units 425 units 125 units 1,115 units @$21.00- @$26.00 = $ 2,475 5,440 8,925 3,250 $ 20,090 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 150 units 300 units 395 units 845 units @$41.00 @$41.00 @$41.00
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. Activities Beginning inventory Sales Purchase Sales Purchase Sales Purchase Totals Date January 1 January 10 March 14 March 15 July 30 October 5 October 26 Required: temming uses a perpetual inventory system. Units Acquired at Cost @$11.00 = @$16.00 M 225 units 340 units 425 units 125 units 1,115 units @$21.00- @$26.00 = $ 2,475 5,440 8,925 3,250 $ 20,090 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 150 units 300 units 395 units 845 units @$41.00 @$41.00 @$41.00
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