Perpetual FIFO:Inventory BalanceGoods PurchasedCost of Goods SoldInventoryBalanceCost perCost of GoodsSold# of unitsCost per# of unitsCost perunit# ofunitDatesoldunitunits200 @$ 10.00 =$ 2,000.00January 1@$ 10.00500.00=150 @$ 10.00$ 1,500.0050%3DJanuary 1050@$ 10.00 =500.00%3D350$ 15.00March 14@$ 15.00500.00@$ 10.000.00March 15$15.000.00July 30October 5%24%24%24%24 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.Units Sold at RetailUnits Acquired at Cost200 units @ $10 = $ 2,000DateActivitiesJan. 1 Beginning inventoryJan. 10 Sales150 units @ $40Mar.14 Purchase350 units @ $15= 5,250Mar.15 Sales300 units @ $40July30 Purchase450 units @ $20= 9,000Oct. 5 Sales430 units @ $40100 units @ $252,500$18,750Oct.26 PurchaseTotals1,100 units880 unitsRequired: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 margin for FIFO method and LIFO method.

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Description: Perpetual FIFO:Inventory BalanceGoods PurchasedCost of Goods SoldInventoryBalanceCost perCost of GoodsSold# of unitsCost per# of unitsCost perunit# ofunitDatesoldunitunits200 @$ 10.00 =$ 2,000.00January 1@$ 10.00500.00=150 @$ 10.00$ 1,500.0050%3DJan

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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 Sold at Retail Units Acquired at Cost 200 units Date Jan. 1 Beginning inventory @ $10 = $ 2,000 Jan.10 Sales 150 units @ $40 Mar.14 Purchase 350 units @ $15 5,250 Mar.15 Sales 300 units @ $40 July30 Purchase 450 units @ $20 9,000 Oct. 5 Sales 430 units @ $40 Oct.26 Purchase 100 units @ $25 2,500 %3D Totals 1,100 units $18,750 880 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 margin for FIFO method and LIFO method.

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 Sold at Retail Units Acquired at Cost 200 units Date Jan. 1 Beginning inventory @ $10 = $ 2,000 Jan.10 Sales 150 units @ $40 Mar.14 Purchase 350 units @ $15 5,250 Mar.15 Sales 300 units @ $40 July30 Purchase 450 units @ $20 9,000 Oct. 5 Sales 430 units @ $40 Oct.26 Purchase 100 units @ $25 2,500 %3D Totals 1,100 units $18,750 880 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 margin for FIFO method and LIFO method.

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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