! Required information Use the following information for the Exercises 8-10 below. (Static) [The following information applies to the questions displayed below] Hemming Company reported the following current-year purchases and sales for its only product. Units Acquired at Cost $10 200 units 350 units 450 units Date Date January 1 January 10 March 14 Show Transcribed Text March 15 July 30 October 5 October 26 January 1 March 14 July 30 October 26 Activities Beginning inventory Sales Purchase Sales Purchase Sales Purchase Totals a) Cost of Goods Sold using Specific Identification Available for Sale Less: Equals: Activity Beginning Inventory Purchase Purchase Purchase # of units b) Gross Margin using Specific Identification 100 units 1,100 units Cost Per Unit 200 $10.00 350 $15.00 S 450 $20.00 100 $25.00 1,100 $15 $20 # of units sold Ending inventory consists of 45 units from the March 14 purchase, 75 units from the July 30 purchase, and all 100 units from the October 26 purchase. Using the specific identification method, calculate the following. $25 - . 200 $ 2,000 5,250 9,000 200 2,500 $ 18,750 Cost of Goods Sold Cost Per Unit Units Sold at Retail $ 10.00 $ $15.00 $ 20.00 $ 25.00 150 units $ 300 units 430 units 880 units COGS 2,000 0 0 0 2,000 Ending Inventory Units $40 $40 0 $40 Ending Inventory Cost Per Unit Ending Inventory Cost $ 10.00 $ $ 15.00 $ 20.00 $ 25.00 S 0 0 0 0
! Required information Use the following information for the Exercises 8-10 below. (Static) [The following information applies to the questions displayed below] Hemming Company reported the following current-year purchases and sales for its only product. Units Acquired at Cost $10 200 units 350 units 450 units Date Date January 1 January 10 March 14 Show Transcribed Text March 15 July 30 October 5 October 26 January 1 March 14 July 30 October 26 Activities Beginning inventory Sales Purchase Sales Purchase Sales Purchase Totals a) Cost of Goods Sold using Specific Identification Available for Sale Less: Equals: Activity Beginning Inventory Purchase Purchase Purchase # of units b) Gross Margin using Specific Identification 100 units 1,100 units Cost Per Unit 200 $10.00 350 $15.00 S 450 $20.00 100 $25.00 1,100 $15 $20 # of units sold Ending inventory consists of 45 units from the March 14 purchase, 75 units from the July 30 purchase, and all 100 units from the October 26 purchase. Using the specific identification method, calculate the following. $25 - . 200 $ 2,000 5,250 9,000 200 2,500 $ 18,750 Cost of Goods Sold Cost Per Unit Units Sold at Retail $ 10.00 $ $15.00 $ 20.00 $ 25.00 150 units $ 300 units 430 units 880 units COGS 2,000 0 0 0 2,000 Ending Inventory Units $40 $40 0 $40 Ending Inventory Cost Per Unit Ending Inventory Cost $ 10.00 $ $ 15.00 $ 20.00 $ 25.00 S 0 0 0 0
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Subject- accounting
![Required information
Use the following information for the Exercises 8-10 below. (Static)
[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
Show Transcribed Text
Date
Activities
Beginning inventory
Sales
Purchase
Sales
Purchase
Sales
Purchase
Totals
a) Cost of Goods Sold using Specific Identification
Available for Sale
January 1
March 14
July 30
October 26
Less:
Equals:
Activity
Beginning Inventory
Purchase
Purchase
Purchase
# of units
b) Gross Margin using Specific Identification
Units Acquired at Cost
200 units e $10
.
350 units
450 units
100 units
1,100 units
Ending inventory consists of 45 units from the March 14 purchase, 75 units from the July 30 purchase, and all 100 units from the
October 26 purchase. Using the specific identification method, calculate the following.
Cost Per
Unit
@$15
200 $10.00
350 $15.00
450 $ 20.00
100 $25.00
1,100
$20
$25
-
Ć
$ 2,000
5,250
9,000
2,500
$ 18,750
200
Cost of Goods Sold
Cost Per
Unit
# of
units
sold
200 $10.00
$ 15.00
$20.00
$ 25.00
Units Sold at Retail
150 units
540
300 units $40
@ $40
430 units
880 units
S
COGS
$2,000
0
0
0
2,000
Ending
Inventory
Units
Ending Inventory
Cost Per
Unit
0
Ending
Inventory
Cost
$ 10.00 $
$15.00
$ 20.00
$ 25.00
$
0
0
0
0
0](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Ff7373726-0d35-46ca-aa27-97bcf9126f3a%2F7fa1a128-aaeb-4eca-9895-c09fb24c4f71%2Fhewhivh_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Required information
Use the following information for the Exercises 8-10 below. (Static)
[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
Show Transcribed Text
Date
Activities
Beginning inventory
Sales
Purchase
Sales
Purchase
Sales
Purchase
Totals
a) Cost of Goods Sold using Specific Identification
Available for Sale
January 1
March 14
July 30
October 26
Less:
Equals:
Activity
Beginning Inventory
Purchase
Purchase
Purchase
# of units
b) Gross Margin using Specific Identification
Units Acquired at Cost
200 units e $10
.
350 units
450 units
100 units
1,100 units
Ending inventory consists of 45 units from the March 14 purchase, 75 units from the July 30 purchase, and all 100 units from the
October 26 purchase. Using the specific identification method, calculate the following.
Cost Per
Unit
@$15
200 $10.00
350 $15.00
450 $ 20.00
100 $25.00
1,100
$20
$25
-
Ć
$ 2,000
5,250
9,000
2,500
$ 18,750
200
Cost of Goods Sold
Cost Per
Unit
# of
units
sold
200 $10.00
$ 15.00
$20.00
$ 25.00
Units Sold at Retail
150 units
540
300 units $40
@ $40
430 units
880 units
S
COGS
$2,000
0
0
0
2,000
Ending
Inventory
Units
Ending Inventory
Cost Per
Unit
0
Ending
Inventory
Cost
$ 10.00 $
$15.00
$ 20.00
$ 25.00
$
0
0
0
0
0
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