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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 a) Cost of Goods Sold using Specific Identification Available for Sale Date Activities Beginning inventory Sales Purchase Sales Purchase Sales Purchase Totals January 1 March 14 July 30 October 26 Less: Equals: Activity Beginning Inventory Purchase Purchase Purchase b) Gross Margin using Specific Identification # of units Units Acquired at Cost 300 units @ $14.00 = @ $19.00 = @ $24.00 = 300 520 500 200 1,520 520 units 500 units 200 units 1,520 units @ $29.00 = Ending inventory consists of 50 units from the March 14 purchase, 80 units from the July 30 purchase, and all 200 units from the October 26 purchase. Using the specific identification method, calculate the following. Cost Per # of units Unit sold < Prev S 2 0 $ $ $ $ $ 4,200 9,880 Cost of Goods Sold Cost Per Unit of 6 12,000 ‒‒‒ www H 0.00 $ 0.00 0.00 0.00 5,800 $ 31,880 1,190 units Units Sold at Retail $ COGS 250 units 0 0 0 0 0 460 units Next > MURETSTAT 480 units @ $44.00 @ $44.00 Ending Inventory Units @ $44.00 0 Ending Inventory Cost Per Unit $ $ $ $ 0.00 0.00 0.00 0.00 Ending Inventory Cost $ $ 0 0 0 0 0

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 a) Cost of Goods Sold using Specific Identification Available for Sale Date Activities Beginning inventory Sales Purchase Sales Purchase Sales Purchase Totals January 1 March 14 July 30 October 26 Less: Equals: Activity Beginning Inventory Purchase Purchase Purchase b) Gross Margin using Specific Identification # of units Units Acquired at Cost 300 units @ $14.00 = @ $19.00 = @ $24.00 = 300 520 500 200 1,520 520 units 500 units 200 units 1,520 units @ $29.00 = Ending inventory consists of 50 units from the March 14 purchase, 80 units from the July 30 purchase, and all 200 units from the October 26 purchase. Using the specific identification method, calculate the following. Cost Per # of units Unit sold < Prev S 2 0 $ $ $ $ $ 4,200 9,880 Cost of Goods Sold Cost Per Unit of 6 12,000 ‒‒‒ www H 0.00 $ 0.00 0.00 0.00 5,800 $ 31,880 1,190 units Units Sold at Retail $ COGS 250 units 0 0 0 0 0 460 units Next > MURETSTAT 480 units @ $44.00 @ $44.00 Ending Inventory Units @ $44.00 0 Ending Inventory Cost Per Unit $ $ $ $ 0.00 0.00 0.00 0.00 Ending Inventory Cost $ $ 0 0 0 0 0

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 | Activities | Units Acquired at Cost | Units Sold at Retail | |------------|------------------------|------------------------|-----------------------| | January 1 | Beginning inventory | 300 units @ $14.00 = $4,200 | 250 units @ $44.00 | | January 10 | Sales | | | | March 14 | Purchase | 520 units @ $19.00 = $9,880 | 460 units @ $44.00 | | March 15 | Sales | | | | July 30 | Purchase | 500 units @ $24.00 = $12,000 | 480 units @ $44.00 | | October 5 | Sales | | | | October 26 | Purchase | 200 units @ $29.00 = $5,800 | | | **Totals** | | 1,520 units = $31,880 | 1,190 units | Ending inventory consists of 50 units from the March 14 purchase, 80 units from the July 30 purchase, and all 200 units from the October 26 purchase. Using the specific identification method, calculate the following: a) **Cost of Goods Sold using Specific Identification** | Date | Activity | # of units | Cost Per Unit | # of units sold | Cost Per Unit | COGS | Ending Inventory Units | Cost Per Unit | Ending Inventory Cost | |------------|---------------------|------------|---------------|-----------------|---------------|------|------------------------|---------------|-----------------------| | January 1 | Beginning Inventory | 300 | | | | $0.00| | $0.00 | $0.00 | | March 14 | Purchase | 520 | | | | $0.00| | $0.00 | $0.00 | | July 30 | Purchase | 500 | | | | $0.00| | $0.00 | $0.00 | | October 26 | Purchase | 200 |
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 | Activities | Units Acquired at Cost | Units Sold at Retail | |------------|------------------------|------------------------|-----------------------| | January 1 | Beginning inventory | 300 units @ $14.00 = $4,200 | 250 units @ $44.00 | | January 10 | Sales | | | | March 14 | Purchase | 520 units @ $19.00 = $9,880 | 460 units @ $44.00 | | March 15 | Sales | | | | July 30 | Purchase | 500 units @ $24.00 = $12,000 | 480 units @ $44.00 | | October 5 | Sales | | | | October 26 | Purchase | 200 units @ $29.00 = $5,800 | | | **Totals** | | 1,520 units = $31,880 | 1,190 units | Ending inventory consists of 50 units from the March 14 purchase, 80 units from the July 30 purchase, and all 200 units from the October 26 purchase. Using the specific identification method, calculate the following: a) **Cost of Goods Sold using Specific Identification** | Date | Activity | # of units | Cost Per Unit | # of units sold | Cost Per Unit | COGS | Ending Inventory Units | Cost Per Unit | Ending Inventory Cost | |------------|---------------------|------------|---------------|-----------------|---------------|------|------------------------|---------------|-----------------------| | January 1 | Beginning Inventory | 300 | | | | $0.00| | $0.00 | $0.00 | | March 14 | Purchase | 520 | | | | $0.00| | $0.00 | $0.00 | | July 30 | Purchase | 500 | | | | $0.00| | $0.00 | $0.00 | | October 26 | Purchase | 200 |
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