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Hemming Company reported the following current-year purchases and sales for its only product. Units Acquired at Cost @$11.00 - @ $16.00 = @ $21.00 - Date January 1 January 10 March 14 March 15 July 30 October 5 October 26 Activities Beginning inventory Sales Purchase Sales Purchase Sales Purchase Totals a) Cost of Goods Sold using Specific Identification Available for Sale Date January 1 March 14 July 30 October 26 Less: Equals: Activity Beginning Inventory Purchase Purchase Purchase b) Gross Margin using Specific Identification # of units 225 units 225 340 425 340 units 125 1,115 425 units 125 units 1,115 units @$26.00 - Ending inventory consists of 65 units from the March 14 purchase, 80 units from the July 30 purchase, and all 125 units from the October 26 purchase. Using the specific identification method, calculate the following. Ending inventory consists of 65 units from the March 14 purchase, 80 units from the July 30 purchase, and all 125 units from the October 26 purchase. Using the specific identification method, calculate the following. $ 2,475 Cost of Goods Sold Cost Per Unit Cost Per # of units Unit sold 5,440 8,925 3,250 $ 20,090 Units Sold at Retail 150 units Cost of Goods Sold 300 units 395 units 845 units @ $41.00 @$41.00 @ $41.00 Ending Inventory Units Ending Inventory Cost Per Unit Ending Inventory Cost

Hemming Company reported the following current-year purchases and sales for its only product. Units Acquired at Cost @$11.00 - @ $16.00 = @ $21.00 - Date January 1 January 10 March 14 March 15 July 30 October 5 October 26 Activities Beginning inventory Sales Purchase Sales Purchase Sales Purchase Totals a) Cost of Goods Sold using Specific Identification Available for Sale Date January 1 March 14 July 30 October 26 Less: Equals: Activity Beginning Inventory Purchase Purchase Purchase b) Gross Margin using Specific Identification # of units 225 units 225 340 425 340 units 125 1,115 425 units 125 units 1,115 units @$26.00 - Ending inventory consists of 65 units from the March 14 purchase, 80 units from the July 30 purchase, and all 125 units from the October 26 purchase. Using the specific identification method, calculate the following. Ending inventory consists of 65 units from the March 14 purchase, 80 units from the July 30 purchase, and all 125 units from the October 26 purchase. Using the specific identification method, calculate the following. $ 2,475 Cost of Goods Sold Cost Per Unit Cost Per # of units Unit sold 5,440 8,925 3,250 $ 20,090 Units Sold at Retail 150 units Cost of Goods Sold 300 units 395 units 845 units @ $41.00 @$41.00 @ $41.00 Ending Inventory Units Ending Inventory Cost Per Unit Ending Inventory Cost

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 Date January 1 January 10 March 14 Sales March 15 July 30 October 5 October 26 Purchase Sales Purchase Sales Purchase Totals a) Cost of Goods Sold using Specific Identification Available for Sale Date January 11 March 14 July 30 October 26 Less: Equals: Activity Beginning Inventory Purchase Purchase Purchase b) Gross Margin using Specific Identification # of units Units Acquired at Cost @ $11.00 - @$16.00 225 units 225 340 425 125 1,115 340 units 425 units 125 units 1,115 units Ending inventory consists of 65 units from the March 14 purchase, 80 units from the July 30 purchase, and all 125 units from the October 26 purchase. Using the specific identification method, calculate the following. Cost Per Unit @$21.00 - Ending inventory consists of 65 units from the March 14 purchase, 80 units from the July 30 purchase, and all 125 units from the October 26 purchase. Using the specific identification method, calculate the following. @$26.00 - # of units sold Cost of Goods Sold Cost Per Unit $ 2,475 5,440 8,925 3,250 $ 20,090 HRT Units Sold at Retail 150 units Cost of Goods Sold 300 units 395 units 845 units @ $41.00 @$41.00 @$41.00 Ending Inventory Units Ending Inventory Cost Per Unit Ending Inventory Cost
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 Date January 1 January 10 March 14 Sales March 15 July 30 October 5 October 26 Purchase Sales Purchase Sales Purchase Totals a) Cost of Goods Sold using Specific Identification Available for Sale Date January 11 March 14 July 30 October 26 Less: Equals: Activity Beginning Inventory Purchase Purchase Purchase b) Gross Margin using Specific Identification # of units Units Acquired at Cost @ $11.00 - @$16.00 225 units 225 340 425 125 1,115 340 units 425 units 125 units 1,115 units Ending inventory consists of 65 units from the March 14 purchase, 80 units from the July 30 purchase, and all 125 units from the October 26 purchase. Using the specific identification method, calculate the following. Cost Per Unit @$21.00 - Ending inventory consists of 65 units from the March 14 purchase, 80 units from the July 30 purchase, and all 125 units from the October 26 purchase. Using the specific identification method, calculate the following. @$26.00 - # of units sold Cost of Goods Sold Cost Per Unit $ 2,475 5,440 8,925 3,250 $ 20,090 HRT Units Sold at Retail 150 units Cost of Goods Sold 300 units 395 units 845 units @ $41.00 @$41.00 @$41.00 Ending Inventory Units Ending Inventory Cost Per Unit Ending Inventory Cost
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