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.DateJanuary 1January 10ActivitiesBeginning inventorySalesMarch 14July 30March 15October 5October 26PurchaseSalesPurchaseSales410 units455 unitsUnits Acquired at Cost255 units @ $12.20 =@ $17.20@ $22.20Units Sold at Retail$ 3,111210 units@ $42.20=7,052350 units@ $42.2010,101430 units@ $42.20PurchaseTotals155 units1,275 units$27.20 =4,216$ 24,480990 unitsEnding inventory consists of 50 units from the March 14 purchase, 80 units from the July 30 purchase, and all 155 units from theOctober 26 purchase. Using the specific identification method, calculate the following.a) Cost of Goods Sold using Specific IdentificationAvailable for SaleCost of Goods SoldEnding InventoryDateActivity# of unitsCost PerUnit# of unitssoldCost PerUnitCost ofGoods SoldEndingInventoryUnitsCost Per Unit Ending InventoryCostJanuary 1Beginning Inventory255March 14Purchase410July 30Purchase455October 26Purchase1551,275b) Gross Margin using Specific IdentificationLess:Equals:

Step 1: Available for sale column Given in the problem. Input the data in the table (Beginning…

Answered: Required information [The following…

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 Co. reported the following current-year purchases and sales for its only product. Activities Units Acquired at Cost 3e0 units e $14.00 - $ 4,200 Date Units Sold at Retail Jan. 1 Beginning inventory Jan. 10 Sales 250 units e s44.00 Mar.14 Purchase Mar. 15 Sales July 30 Purchase Oct. 5 Sales Oct.26 Purchase 520 units e $19.00 - 9,88e 468 units e $44.80 see units e $24.00 12, 800 488 units e $44.00 200 units e $29.e0 5,800 Totals 1,520 units $31,880 1,198 units Required: Hemming uses a periodic inventory system. (e) Determine the costs essigned to ending inventory and to cost of goods sold using FIFO. (b) Determine the costs ossigned to ending inventory and to cost of goods sold using LIFO. (c) Compute the gross margin for each method. a) Perlodic FIFO Cost of Goode Avallable for Sale Cost of Goode sold Ending Inventory Cost of Goode # of unite Cost per unit # of unite Cost per sold Cost of…
Required information [The following information applies to the questions displayed below.] During the year, Trombley Incorporated has the following inventory transactions. Date Transaction Numberof Units UnitCost Total Cost Jan. 1 Beginning inventory 10 $ 12 $ 120 Mar. 4 Purchase 15 11 165 Jun. 9 Purchase 20 10 200 Nov. 11 Purchase 20 8 160 65 $ 645 For the entire year, the company sells 50 units of inventory for $20 each. 3. Using weighted-average cost, calculate ending inventory, cost of goods sold, sales revenue, and gross profit. (Round "Average Cost per unit" to 2 decimal places and all other answers to the nearest whole number.)
The following inventory cost information is taken from the records of Trypho Corporation: At Base- At Current- Year Cost Year Cost 1/1/Year 1 $10,000 $10,000 Year 1 layer 8,000 8,000 Year 2 layer 7,000 12,000 Year 3 layer 5,000 7,500 Year 4 layer 10,000 14,500 Year 5 layer 12,000 20,800 Trypho measures its inventories using dollar-value LIFO. Complete Trypho's year-end inventory using the information above. Enter the appropriate amounts in the designated cells below. Enter all amounts as positive values. Dollar-value LIFO cost December 31 123 123 1. Year 1 123 2. Year 2 123 3. Year 3 123 4. Year 4 5. Year 5
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Required information [The following information applies to the questions displayed below.] During the year, Trombley Incorporated has the following inventory transactions. Date Transaction Numberof Units UnitCost Total Cost Jan. 1 Beginning inventory 10 $ 12 $ 120 Mar. 4 Purchase 15 11 165 Jun. 9 Purchase 20 10 200 Nov. 11 Purchase 20 8 160 65 $ 645 For the entire year, the company sells 50 units of inventory for $20 each. Required: 1. Using FIFO, calculate ending inventory, cost of goods sold, sales revenue, and gross profit.
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Required information Use the following information for the Exercises below. (The following information applies to the questions displayed below] Hemming Co. reported the following current-year purchases and sales for its only product. Date Activition Unite Acquired at Cost E510 Unita Sold at Retail Jan. 1 Beginning inventory Jan.10 Sales Mar.14 Purchase 200 unita -$ 2,000 150 units $40 350 unita $15 5,250 Mar.15 Sales 300 unita e $40 July30 Purchase Oct. 5 Sales det.26 Purchase 450 units e $20 9,000 430 units e $40 100 units $25 2,500 1,100 units $18,750 BB0 units Exercise 5-7 Perpetual: Inventory costing methods-FIFO and LIFO LO P1 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 soid using LIFO. 3. Compute the gross margin for FIFO method and LIFO method.
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Help Seve & Ext Submit RJ Corporation has provided the following information about one of Its Iventory Items: ber of Units Coet per Date Transaction 1/1 Unit Beginning Inventory 420 $3,200 6/6 Purchase 790 $3,620 9/10 Purchase 1,180 $4,020 11/15 Purchase 810 $4,210 uring the year, RJ sold 3,020 units. nat was cost of goods sold using the average cost flow assumption? (Do not round intermediate calculations.) Multiple Choice O $11,702,391. $11,781,500. $11,662,391. $11,599,700. < Prev 50 of 67 MacBook Air
The following information pertain to the only sale of inventory transaction of Orion Company in 2023: Date of sale - December 23, 2023; No. of units sold - 10,000; Selling price -P150 per unit; Right to return period - within 15 days: Estimated return for cash refund within 15 days - 5% of units sold; Estimated return for exchange of equal or greater value of merchandise - 10%; Cost per unit - P100 Question:- Compute the amount of sales to be recognized in 2023. A. P1,500,000 B. P1,475,000 C. P1,425,000 D. P1,000,000 - What amount of cost goods sold will appear in the 2023 statement of income? A. P925,000 B. P950,000 C. P975,000 D. P1,000,000
Hemming Company reported the following current-year purchases and sales for its only product. Units Acquired at Cost 8 $12.40- Activities Beginning inventory Sales Purchase Sales Purchase Sales @$17.40- @$22.40- Purchase @ $27.40 Totals Date January 1 January 10 March 14 March 15 July 30 October 5 October 26 a) Cost of Goods Sold using Specific Identification Available for Sale Date January 1 March 14 July 30 October 20 Activity Less: Equals: Beginning Inventory Purchase Purchase Purchase b) Gross Margin using Specific Identification of units 260 units 420 units 260 420 460 160 1,300 460 units Ending inventory consists of 45 units from the March 14 purchase, 75 units from the July 30 purchase, and all 160 units from the October 26 purchase. Using the specific identification method, calculate the following. 160 units. 1,300 units. $ 3,224 7,308 Cost Per #of units Unit sold 10,304 4,384 $ 25,220 Cost of Goods Sold Cost Por Unit Units Sold at Retail: COGS 215 units 380 units 425 units…

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