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
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](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fb0a2b3c0-f69b-4bac-bc67-35acaf063f53%2F56b71acf-eaa6-4626-ab9f-6853e9c922ff%2Ft94nls_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.
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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