# Educational Website Content: Hemming Company Inventory Analysis## Required Information**Note:** The following information applies to the questions displayed below.Hemming Company reported the following current-year purchases and sales for its only product:### Sales and Purchases Data| Date | Activities | Units Acquired at Cost | Units Sold at Retail ||------------|----------------------|------------------------|------------------------------------------|| January 1 | Beginning Inventory | 260 units @ $12.40 | $3,224 || January 10 | Sales | | 215 units @ $42.40 || March 14 | Purchase | 420 units @ $17.40 | $7,308 || March 15 | Sales | | 380 units @ $42.40 || July 30 | Purchase | 460 units @ $22.40 | $10,304 || October 5 | Sales | | 425 units @ $42.40 || October 26 | Purchase | 160 units @ $27.40 | $4,384 || **Totals** | | **1,300 units** | **$25,220** | **1,020 units** |Ending inventory consists of:- 45 units from the March 14 purchase,- 75 units from the July 30 purchase,- 160 units from the October 26 purchase.Using the specific identification method, calculate the following:### a) Cost of Goods Sold using Specific IdentificationThe table below illustrates the cost of goods sold (COGS) using specific identification for each activity and the ending inventory.| Date | Activity | Available for Sale | Cost of Goods Sold | Ending Inventory ||------------|---------------------|---------------------------------------------|----------------------------------------------------|-----------------------------------------------------|| | | # of Units | Cost Per Unit | # of Units Sold | Cost Per Unit | COGS | # of Units | Cost Per Unit | Ending Inventory Cost || January 1 | Beginning Inventory | 260 | $12.40 | 260 | $12.40 | $3,224 | 0 | $12.40 | $0 || March 14 | Purchase | 420 | $17.

Name: # Educational Website Content: Hemming Company Inventory Analysis## R
Uploaded: 2024-03-20T06:32:37.000Z
Channel: Bartleby
Description: # Educational Website Content: Hemming Company Inventory Analysis## Required Information**Note:** The following information applies to the questions displayed below.Hemming Company reported the following current-year purchases and sales for its only

Available goods Units Cost per Unit Sale from Units Ending Inventory from Cost per Unit Jan 01…

Business

Accounting

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 @$12.40- @$17.40 = @$22.40 = @$27.40 260 units 420 units 460 units 160 units 1,300 units $3,224 7,308 10,304 4,384 $ 25,220 Units Sold at Retail 215 units 380 units 425 units 1,020 units @$42.40 @$42.40 @$42.40 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.

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 @$12.40- @$17.40 = @$22.40 = @$27.40 260 units 420 units 460 units 160 units 1,300 units $3,224 7,308 10,304 4,384 $ 25,220 Units Sold at Retail 215 units 380 units 425 units 1,020 units @$42.40 @$42.40 @$42.40 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.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Required information Skip to question [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 220 units @ $10.80 = $ 2,376 January 10 Sales 190 units @ $40.80 March 14 Purchase 330 units @ $15.80 = 5,214 March 15 Sales 280 units @ $40.80 July 30 Purchase 420 units @ $20.80 = 8,736 October 5 Sales 390 units @ $40.80 October 26 Purchase 120 units @ $25.80 = 3,096 Totals 1,090 units $ 19,422 860 units Required: Hemming uses a perpetual inventory system. Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. Determine the costs assigned to ending inventory and to cost of goods sold using LIFO. Compute the gross profit for FIFO method and LIFO method.
Prove all 5 parts of answer
i need the answer quickly
[The following information applies to the questions displayed below.] Laker Company reported the following January purchases and sales data for its only product. Units Acquired at Cost 240 units @ $16.50 = $ 3,960 Date Activities Units sold at Retail Jan. 1 Beginning inventory Jan. 10 Sales Jan. 20 Purchase 190 units e $25.50 170 units @ $15.50 = 2,635 Jan. 25 Sales 190 units @ $25.50 Jan. 30 Purchase 380 units @ $15.00 = 5,700 Totals 790 units $12,295 380 units The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 410 units, where 380 are from the January 30 purchase, 5 are from the January 20 purchase, and 25 are from beginning inventory. Required: 1. Complete the table to determine the cost assigned to ending inventory and cost of goods sold using specific identification. 2. Determine the cost assigned to ending inventory and to cost of goods sold using weighted average. 3. Determine the cost assigned to ending inventory and to cost…
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
! Required information [The following information applies to the questions displayed below.] Laker Company reported the following January purchases and sales data for its only product. For specific identification, ending inventory consists of 275 units from the January 30 purchase, 5 units from the January 20 purchase, and 25 units from beginning inventory. Date January 1 January 10 January 20 January 25 January 30 Activities Beginning inventory Sales Purchase Sales Purchase Totals 130 units @ 275 units @ 580 units Units Acquired at Cost 175 units @ $ 10.00 = $ 9.00 = Units sold at Retail $ 1,750 135 units @ $ 19.00 1,170 140 units $ 19.00 $ 7.00 = 1,925 $ 4,845 275 units The Company uses a periodic inventory system. For specific identification, ending inventory consists of 275 units from the January 30 purchase, 5 units from the January 20 purchase, and 25 units from beginning inventory. Determine the cost assigned to ending inventory and to cost of goods sold using (a) specific…
[The following information applies to the questions displayed below.] Laker Company reported the following January purchases and sales data for its only product. Date Activities Units Acquired at Cost Units sold at Retail Jan. 1 Beginning inventory 145 units @ $ 7.00 = $ 1,015 Jan. 10 Sales 105 units @ $ 16.00 Jan. 20 Purchase 70 units @ $ 6.00 = 420 Jan. 25 Sales 85 units @ $ 16.00 Jan. 30 Purchase 190 units @ $ 5.50 = 1,045 Totals 405 units $ 2,480 190 units The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 215 units, where 190 are from the January 30 purchase, 5 are from the January 20 purchase, and 20 are from beginning inventory. Required:1. Complete the table to determine the cost assigned to ending inventory and cost of goods sold using specific identification.2. Determine…
! Required information [The following information applies to the questions displayed below.] Laker Company reported the following January purchases and sales data for its only product. For specific identification, ending inventory consists of 275 units from the January 30 purchase, 5 units from the January 20 purchase, and 25 units from beginning inventory. Date January 1 Activities Beginning inventory 175 units @ Units Acquired at Cost $ 10.00 = Units sold at Retail $ 1,750 January 10 January 20 January 25 January 30 Sales Purchase Sales 135 units $ 19.00 130 units @ $ 9.00 = Purchase Totals 275 units @ 580 units $ 7.00 = 1,170 1,925 140 units $ 19.00 $ 4,845 275 units The Company uses a periodic inventory system. For specific identification, ending inventory consists of 275 units from the January 30 purchase, 5 units from the January 20 purchase, and 25 units from beginning inventory. Determine the cost assigned to ending inventory and to cost of goods sold using (a) specific…
Required information Use the following information for the Exercises 8-10 below. (Algo) Skip to question [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 230 units @ $11.20 = $ 2,576 January 10 Sales 160 units @ $41.20 March 14 Purchase 350 units @ $16.20 = 5,670 March 15 Sales 320 units @ $41.20 July 30 Purchase 430 units @ $21.20 = 9,116 October 5 Sales 400 units @ $41.20 October 26 Purchase 130 units @ $26.20 = 3,406 Totals 1,140 units $ 20,768 880 units Exercise 5-8 (Algo) Perpetual: Inventory costing methods—FIFO and LIFO LO P1 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…
sa
None
None