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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. 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 Units Acquired at Cost @ $11.60 = 240 units 370 units 440 units 140 units 1,190 units @ $16.60 = @ $21.60 = @ $26.60 = $ 2,784 6,142 9,504 3,724 $ 22,154 Hemming uses a periodic inventory system. (a) Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. (b) Determine the costs assigned to ending inventory and to cost of goods sold using LIFO. (c) Compute the gross profit for each method. Units Sold at Retail 180 units 330 units 415 units 925 units @ $41.60 @ $41.60 @ $41.60

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. 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 Units Acquired at Cost @ $11.60 = 240 units 370 units 440 units 140 units 1,190 units @ $16.60 = @ $21.60 = @ $26.60 = $ 2,784 6,142 9,504 3,724 $ 22,154 Hemming uses a periodic inventory system. (a) Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. (b) Determine the costs assigned to ending inventory and to cost of goods sold using LIFO. (c) Compute the gross profit for each method. Units Sold at Retail 180 units 330 units 415 units 925 units @ $41.60 @ $41.60 @ $41.60

FINANCIAL ACCOUNTING
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 Company reported the following current-year purchases and sales for its only product. 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 Units Acquired at Cost @ $11.60= 240 units 370 units 440 units 140 units 1,190 units @ $16.60 = @ $21.60- @ $26.60 = $ 2,784 6,142 9,504 3,724 $ 22,154 Hemming uses a periodic inventory system. (a) Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. (b) Determine the costs assigned to ending inventory and to cost of goods sold using LIFO. (c) Compute the gross profit for each method. Units Sold at Retail 180 units 330 units 415 units 925 units @ $41.60 @ $41.60 @ $41.60
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. 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 Units Acquired at Cost @ $11.60= 240 units 370 units 440 units 140 units 1,190 units @ $16.60 = @ $21.60- @ $26.60 = $ 2,784 6,142 9,504 3,724 $ 22,154 Hemming uses a periodic inventory system. (a) Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. (b) Determine the costs assigned to ending inventory and to cost of goods sold using LIFO. (c) Compute the gross profit for each method. Units Sold at Retail 180 units 330 units 415 units 925 units @ $41.60 @ $41.60 @ $41.60
a) Periodic FIFO Beginning inventory Purchases: March 14 July 30 October 26 Total b) Periodic LIFO Beginning inventory Purchases: March 14 July 30 October 26 Total c) Gross profit Cost of Goods Available for Sale # of units FIFO # of units Cost per unit Cost of Goods Available for Sale Cost per unit Cost of Goods Available for Sale LIFO Cost of Goods Available for Sale Cost of Goods Sold # of units sold Cost per unit Cost of Goods Sold Cost of Goods Sold # of units sold Cost per unit Cost of Goods Sold # of units in ending inventory Ending Inventory Cost per unit Ending Inventory Ending Inventory # of units in ending Cost per unit inventory Ending Inventory
Transcribed Image Text:a) Periodic FIFO Beginning inventory Purchases: March 14 July 30 October 26 Total b) Periodic LIFO Beginning inventory Purchases: March 14 July 30 October 26 Total c) Gross profit Cost of Goods Available for Sale # of units FIFO # of units Cost per unit Cost of Goods Available for Sale Cost per unit Cost of Goods Available for Sale LIFO Cost of Goods Available for Sale Cost of Goods Sold # of units sold Cost per unit Cost of Goods Sold Cost of Goods Sold # of units sold Cost per unit Cost of Goods Sold # of units in ending inventory Ending Inventory Cost per unit Ending Inventory Ending Inventory # of units in ending Cost per unit inventory Ending Inventory
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