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 Activities Beginning inventory Units Acquired at Cost 260 units @ $12.40 = Units Sold at Retail $ 3,224 Sales Purchase 215 units @ $42.40 420 units @ $17.40 = 7,308 March 15 Sales 380 units @ $42.40 July 30 October 5 October 26 Purchase Sales Purchase Totals 460 units 160 units 1,300 units @ $22.40 = @ $27.40 = 10,304 425 units @ $42.40 4,384 $ 25,220 1,020 units equired: emming 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. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Determine the costs assigned to ending inventory and to cost of goods sold using LIFO. Perpetual LIFO: Goods Purchased Date # of units Cost per unit # of units Cost of Goods Sold Cost per Cost of Goods # of units sold unit Sold January 1 January 10 March 14 Inventory Balance Cost per unit Inventory Balance
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 Activities Beginning inventory Units Acquired at Cost 260 units @ $12.40 = Units Sold at Retail $ 3,224 Sales Purchase 215 units @ $42.40 420 units @ $17.40 = 7,308 March 15 Sales 380 units @ $42.40 July 30 October 5 October 26 Purchase Sales Purchase Totals 460 units 160 units 1,300 units @ $22.40 = @ $27.40 = 10,304 425 units @ $42.40 4,384 $ 25,220 1,020 units equired: emming 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. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Determine the costs assigned to ending inventory and to cost of goods sold using LIFO. Perpetual LIFO: Goods Purchased Date # of units Cost per unit # of units Cost of Goods Sold Cost per Cost of Goods # of units sold unit Sold January 1 January 10 March 14 Inventory Balance Cost per unit Inventory Balance
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter6: Cost Of Goods Sold And Inventory
Section: Chapter Questions
Problem 50E: Inventory Costing Methods Crandall Distributors uses a perpetual inventory system and has the...
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Question
![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
Activities
Beginning inventory
Units Acquired at Cost
260 units @ $12.40 =
Units Sold at Retail
$ 3,224
Sales
Purchase
215 units
@ $42.40
420 units
@ $17.40 =
7,308
March 15
Sales
380 units
@ $42.40
July 30
October 5
October 26
Purchase
Sales
Purchase
Totals
460 units
160 units
1,300 units
@ $22.40 =
@ $27.40 =
10,304
425 units
@ $42.40
4,384
$ 25,220
1,020 units
equired:
emming 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.
Complete this question by entering your answers in the tabs below.
Required 1 Required 2 Required 3
Determine the costs assigned to ending inventory and to cost of goods sold using LIFO.
Perpetual LIFO:
Goods Purchased
Date
# of units
Cost per
unit
# of units
Cost of Goods Sold
Cost per Cost of Goods
# of units
sold
unit
Sold
January 1
January 10
March 14
Inventory Balance
Cost per
unit
Inventory
Balance](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F4a5b6503-b7aa-4b77-b912-3f4070119e3d%2F5bdf7e50-d730-4f0c-8028-9f0138a176b5%2Fw3yxwib_processed.jpeg&w=3840&q=75)
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
Activities
Beginning inventory
Units Acquired at Cost
260 units @ $12.40 =
Units Sold at Retail
$ 3,224
Sales
Purchase
215 units
@ $42.40
420 units
@ $17.40 =
7,308
March 15
Sales
380 units
@ $42.40
July 30
October 5
October 26
Purchase
Sales
Purchase
Totals
460 units
160 units
1,300 units
@ $22.40 =
@ $27.40 =
10,304
425 units
@ $42.40
4,384
$ 25,220
1,020 units
equired:
emming 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.
Complete this question by entering your answers in the tabs below.
Required 1 Required 2 Required 3
Determine the costs assigned to ending inventory and to cost of goods sold using LIFO.
Perpetual LIFO:
Goods Purchased
Date
# of units
Cost per
unit
# of units
Cost of Goods Sold
Cost per Cost of Goods
# of units
sold
unit
Sold
January 1
January 10
March 14
Inventory Balance
Cost per
unit
Inventory
Balance
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