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
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](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Ffa7d775c-37c6-4314-b855-8e476fc93245%2F69428b28-bf92-4e8b-9f93-e303950a9eba%2Fiozofiq_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
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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