Required information Use the following Information for the Exercises 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 Units Acquired at Cost @$13.40- @$18.40- @$23.40- @$28.40 285 units 470 units 485 units 185 units 1,425 units $ 3,819 8,648 11,349 5,254 $ 29,070 Units Sold at Retail 250 units 400 units 460 units 1,110 units @ $43.40 @ $43.40 @ $43.40 Exercise 5-9 (Algo) Specific Identification LO P1 Hemming uses a periodic Inventory system. Ending Inventory consists of 45 units from the March 14 purchase, 85 units from the July 30 purchase, and all 185 units from the October 26 purchase. Using the specific Identification method, calculate the following.
Required information Use the following Information for the Exercises 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 Units Acquired at Cost @$13.40- @$18.40- @$23.40- @$28.40 285 units 470 units 485 units 185 units 1,425 units $ 3,819 8,648 11,349 5,254 $ 29,070 Units Sold at Retail 250 units 400 units 460 units 1,110 units @ $43.40 @ $43.40 @ $43.40 Exercise 5-9 (Algo) Specific Identification LO P1 Hemming uses a periodic Inventory system. Ending Inventory consists of 45 units from the March 14 purchase, 85 units from the July 30 purchase, and all 185 units from the October 26 purchase. Using the specific Identification method, calculate the following.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Topic Video
Question
Qq.57.
![Required Information
Use the following Information for the Exercises 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
Units Acquired at Cost
@ $13.40 =
@ $18.40 =
$23.40
285 units
470 units
485 units
185 units
1,425 units
$28.40
$ 3,819
8,648
11,349
5,254
$ 29,070
Units Sold at Retail
250 units
400 units
460 units
1,110 units
@$43.40
@$43.40
@$43.40
Exercise 5-9 (Algo) Specific Identification LO P1
Hemming uses a periodic Inventory system. Ending Inventory consists of 45 units from the March 14 purchase, 85 units from the July
30 purchase, and all 185 units from the October 26 purchase. Using the specific Identification method, calculate the following.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F00a2e412-d801-42da-87a8-c8c387a19437%2F061b3078-9b2c-4227-b009-d589a4cabbd8%2Fcnk0pqs_processed.png&w=3840&q=75)
Transcribed Image Text:Required Information
Use the following Information for the Exercises 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
Units Acquired at Cost
@ $13.40 =
@ $18.40 =
$23.40
285 units
470 units
485 units
185 units
1,425 units
$28.40
$ 3,819
8,648
11,349
5,254
$ 29,070
Units Sold at Retail
250 units
400 units
460 units
1,110 units
@$43.40
@$43.40
@$43.40
Exercise 5-9 (Algo) Specific Identification LO P1
Hemming uses a periodic Inventory system. Ending Inventory consists of 45 units from the March 14 purchase, 85 units from the July
30 purchase, and all 185 units from the October 26 purchase. Using the specific Identification method, calculate the following.
![Exercise 5-9 (Algo) Specific Identification LO P1
Hemming uses a periodic Inventory system. Ending Inventory consists of 45 units from the March 14 purchase, 85 units from the July
30 purchase, and all 185 units from the October 26 purchase. Using the specific Identification method, calculate the following.
a) Cost of Goods Sold using Specific Identification
Available for Sale
Date
January 1
March 14
July 30
October 26
Activity
Beginning Inventory
Purchase
Less:
Equals:
Purchase
Purchase
b) Gross Margin using Specific Identification
# of units
285
470
485
185
1,425
Cost Per
Unit
# of units
sold
Cost of Goods Sold
Cost Per
Unit
0
S
S
S
S
0.00
0.00
0.00
0.00
$
$
COGS
0
0
0
0
0
Ending
Inventory
Units
0
Ending Inventory
Cost Per Unit Ending Inventory
Cost
S
S
S
S
0.00
0.00
0.00
0.00
$
$
0
0
0
0
0](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F00a2e412-d801-42da-87a8-c8c387a19437%2F061b3078-9b2c-4227-b009-d589a4cabbd8%2Fo8zy6q_processed.png&w=3840&q=75)
Transcribed Image Text:Exercise 5-9 (Algo) Specific Identification LO P1
Hemming uses a periodic Inventory system. Ending Inventory consists of 45 units from the March 14 purchase, 85 units from the July
30 purchase, and all 185 units from the October 26 purchase. Using the specific Identification method, calculate the following.
a) Cost of Goods Sold using Specific Identification
Available for Sale
Date
January 1
March 14
July 30
October 26
Activity
Beginning Inventory
Purchase
Less:
Equals:
Purchase
Purchase
b) Gross Margin using Specific Identification
# of units
285
470
485
185
1,425
Cost Per
Unit
# of units
sold
Cost of Goods Sold
Cost Per
Unit
0
S
S
S
S
0.00
0.00
0.00
0.00
$
$
COGS
0
0
0
0
0
Ending
Inventory
Units
0
Ending Inventory
Cost Per Unit Ending Inventory
Cost
S
S
S
S
0.00
0.00
0.00
0.00
$
$
0
0
0
0
0
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