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 10March 14March 151July 30October 5October 26Activitiesbeginning inventorySalesPurchaseSalesPurchaseSalesPurchaseTotalsRequired:Hemming uses a perpetual inventory system.Units Acquired at Cost$11.40-235 units360 units435 units135 units1,165 units$16.40-$21.40-$26.40-$ 2,6795,9049,3093,564$ 21,4561. 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.Units Sold at Retail170 units290 units410 units870 units$41.40$41.40@$41.40

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Description: 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 10March 14March 151July 30October 5October 26A

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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 Activities beginning inventory Sales Purchase Sales Purchase Sales. Purchase Totals March 14 March 151 July 30 October 5 October 26 Required: Hemming uses a perpetual inventory system. Units Acquired at Cost $11.40- $16.40- $21.40- $26.40- 235 units 360 units 435 units 135 unite 1,165 unita $ 2,679 5,904 9,309 3,564 $ 21,456 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 Units Sold at Retail 170 units 290 units 410 units 870 units $41.40 $41.40 $41.40

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 Activities beginning inventory Sales Purchase Sales Purchase Sales. Purchase Totals March 14 March 151 July 30 October 5 October 26 Required: Hemming uses a perpetual inventory system. Units Acquired at Cost $11.40- $16.40- $21.40- $26.40- 235 units 360 units 435 units 135 unite 1,165 unita $ 2,679 5,904 9,309 3,564 $ 21,456 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 Units Sold at Retail 170 units 290 units 410 units 870 units $41.40 $41.40 $41.40

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 Use the following information for the Exercises 8-10 below. (Algo) [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. Required: Hemming uses a perpetual inventory system. Required 1 Units Acquired at Cost 230 units 350 units Required 2 430 units Required 3 130 units 1,140 units 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. @ $11.20= $ 2,576 @ $16.20 = 5,670 9,116 3,406 $ 20,768 Complete this question by entering your answers in the tabs below. @ $21.20 = anche @ $41.20. @ $41.20 @ $41.20 Check my 1
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Atlas Company uses the perpetual inventory costing system. The company has provided the following data for the current period: Units Total $ 800.00 $1,540.00 $ 960.00 $6,000.00 Date Transaction 1-Nov Beginning balance 4-Nov Purchases 40.00 70.00 40.00 6-Nov Purchases 7-Nov Sales 100.00 Calculate the total purchases for the period given per FIFO $20.00 $22.00 $24.00 $60.00
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Required information [The following information applies to the questions displayed below.] A company reports the following beginning inventory and two purchases for the month of January. On January 26, the company sells 350 units. Ending inventory at January 31 totals 150 units. Beginning inventory on January 1 Purchase on January 9 Purchase on January 25 Date Assume the perpetual inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based or the LIFO method. January 1 January 9 Total January 9 January 25 Total January 25 January 26 Total January 26 Goods purchased # of units Units 320 80 100 Cost per # of units unit sold Unit Cost $ 4.10 4.30 4.44 Perpetual LIFO; Cost of Goods Sold Cost per unit Cost of Goods Sold # of units Inventory Balance Cost per unit Inventory Balance H N $ 0
Required information Skip to question Beech Soda, Inc. uses a perpetual inventory system. The company's beginning inventory of a particular product and its purchases during the month of January were as follows: Quantity Unit Cost Total Cost Beginning inventory (Jan. 1) 23 $ 14 $ 322 Purchase (Jan. 11) 15 $ 20 300 Purchase (Jan. 20) 26 $ 22 572 Total 64 $ 1,194 On January 14, Beech Soda, Inc. sold 28 units of this product. The other 36 units remained in inventory at January 31.
[The following information applies to the questions displayed below.] Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March. Units Sold at Retail Units Acquired at Cost 80 units @ $50.60 per unit 215 units @ $55.60 per unit Date Activities March 1 Beginning inventory Purchase Sales March 5 240 units @ $85.60 per unit March 9 March 18 Purchase Purchase 75 units @ s60.60 per unit |130 units @ S62.60 per unit March 25 March 29 Sales 110 units @ S95.60 per unit Totals 500 units 350 units Ces Problem 5-1A (Algo) Part 2 2. Compute the number of units in ending inventory. Ending inventory units
[The following information applies to the questions displayed below.] Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March. Date March 1 March 5 March 9 March 18 March 25 March 29 Activities Beginning inventory Purchase Sales Purchase Purchase Sales Totals Problem 5-1A (Static) Part 2 Ending inventory units Units Acquired at Cost @ $50 per unit @ $55 per unit 100 units 400 units 2. Compute the number of units in ending inventory. 120 units 200 units 820 units FO F9
! Connect Required information [The following information applies to the questions displayed below.] Date January 1 January 10 January 20 January 25 January 30 ezto.mheducation.com Laker Company reported the following January purchases and sales data for its only product. For specific identification, ending inventory consists of 300 units from the January 30 purchase, 5 units from the January 20 purchase, and 25 units from beginning inventory. Activities Beginning inventory Sales Purchase Sales Purchase Totals Assume the perpetual inventory system is used. Required: Specific Weighted Identification Average Complete this question by entering your answers in the tabs below. Units Acquired at Cost 200 units @ $ 12.50 = 130 units @ $ 11.50 = $ 11.00 = 300 units @ 630 units FIFO LIFO $ 2,500 1,495 3,300 $ 7,295 Units sold at Retail 160 units @ @ 140 units 1. Complete the table to determine the cost assigned to ending inventory and cost of goods sold using specific identification. 2.…
[The following information applies to the questions displayed below.]Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March. Date Activities Units Acquired at Cost Units Sold at Retail Mar. 1 Beginning inventory 110 units @ $51.20 per unit Mar. 5 Purchase 230 units @ $56.20 per unit Mar. 9 Sales 270 units @ $86.20 per unit Mar. 18 Purchase 90 units @ $61.20 per unit Mar. 25 Purchase 160 units @ $63.20 per unit Mar. 29 Sales 140 units @ $96.20 per unit Totals 590 units 410 units 3. Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, (c) weighted average, and (d) specific identification. For specific identification, the March 9 sale consisted of 70 units from beginning inventory and 200 units from the March 5 purchase; the March 29 sale consisted of 50 units from…
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 January 1 January 10 Beginning inventory Sales March 14 March 15 July 30 October 5 Purchase Sales Purchase Sales Purchase October 26 Totals 235 units Units Acquired at Cost $11.40= Units Sold at Retail $ 2,679 170 units @ $41.40 360 units @ $16.40 = 5,984 290 units @ $41.40 435 units @$21.40 9,309 410 units @ $41.40 135 units 1,165 units @$26.40 3,564 $ 21,456 870 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. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Determine the costs assigned to…