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 Acquired at Cost 300 units @ $14.00 Date Activities Units Sold at Retail Jan. 1 Beginning inventory = $ 4,200 Jan.10 Sales 250 units @ $44.00 Mar.14 Purchase 520 units @ $19.00 9,880 Mar.15 Sales 460 units @ $44.00 July30 Purchase Oct. 5 Sales 500 units @ $24.00 12,000 %3! 480 units @ $44.00 Oct.26 Purchase 200 units @ $29.00 5,800 %3D Totals 1,520 units $31,880 1,190 units
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 Acquired at Cost 300 units @ $14.00 Date Activities Units Sold at Retail Jan. 1 Beginning inventory = $ 4,200 Jan.10 Sales 250 units @ $44.00 Mar.14 Purchase 520 units @ $19.00 9,880 Mar.15 Sales 460 units @ $44.00 July30 Purchase Oct. 5 Sales 500 units @ $24.00 12,000 %3! 480 units @ $44.00 Oct.26 Purchase 200 units @ $29.00 5,800 %3D Totals 1,520 units $31,880 1,190 units
Chapter18: Accounting Periods And Methods
Section: Chapter Questions
Problem 67P
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Required:
Hemming uses a perpetual inventory system.
1. Determine the costs assigned to ending inventory and to the cost of goods sold using FIFO.
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