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…

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Financial Accounting: The Impact on Decision Makers

10th Edition

ISBN:9781305654174

Author:Gary A. Porter, Curtis L. Norton

Publisher:Gary A. Porter, Curtis L. Norton

Chapter5: Inventories And Cost Of Goods Sold

Section: Chapter Questions

Problem 5.13MCP

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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. 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.)
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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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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 is available for Mikell Corporation from their inventory records as of the first quarter of 2023 for Product X: \table[[,(,(
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…
Zoola, Inc. provided the following information regarding its inventory for the current year, its second yearof operations.Transaction Units Unit CostBeginning inventory1/1 3,000 17.00Purchases, January 23 4,500 16.00Purchases, February 14 1,200 16.50Purchases, March 17 2,300 17.00 Units Sold-April 13 at 20 9,600Purchases, May 5 5,600 15.00Purchases, July 4 3,200 16.00 Unit Sold-October 31 at 19 8,700Purchases, November 22 1,400 15.00Instruction :1.1 Compute Zoola’s ending inventory and cost of goods sold under the following cost-flow assumptions assuming a perpetual inventory…
Use the following information for questions 17-19 Maxwell Inc. uses the periodic inventory system. During its first year of operations, Maxwell made the following purchases, listed in chronological order of acquisition: 40 units at $100 per unit 70 units at $80 per unit 170 units at $60 per unit Sales for the year totaled 270 units. 17. Ending inventory using the average cost method (rounded) is: A. $650 B. $1,000 C. $707 D. $600
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 Date January 1 Beginning inventory Units Acquired at Cost 250 units @ $12.00 Units Sold at Retail = $ 3,000 January 10 Sales 200 units @ $42.00 March 14 March 15 July 30 October 5 Purchase Sales Purchase Sales 400 units @ $17.00 = 6,800 360 units @ $42.00 450 units @ $22.00 = 9,900 420 units @ $42.00 October 26 Purchase Totals 150 units 1,250 units @ $27.00 = 4,050 $ 23,750 980 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 profit for FIFO method and LIFO method.

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