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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.

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 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.
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
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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