Homework isDateJanuary 1January 10March 14March 15July 30October 5October 26.DateRequired information[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@$13.20 =@$18.20 =@$23.20 =@$28.20ActivitiesBeginning inventorySalesPurchaseSalesPurchase.SalesPurchase.Totalsa) Cost of Goods Sold using Specific IdentificationAvailable for SaleActivitySaved# of units< PAY280 units460 units480 units180 units1,400 unitsCost Per # of unitsUnitsold6 of 7=$3,696Next >8,37211,1365,076$28,280Cost of Goods SoldCost PerUnitHemming uses a periodic inventory system. Ending inventory consists of 40 units from the March 14 purchase, 80 units fromthe July 30 purchase, and all 180 units from the October 26 purchase. Using the specific identification method, calculate thefollowing.HelpCOGSSave & Exit SubreUnits Sold at Retail240 units410 units450 units1,100 unitsCheck my workEndingInventoryUnits@ $43.20@$43.20@$43.20Ending InvenCost Per Unit▸

Name: Homework isDateJanuary 1January 10March 14March 15July 30October 5Oct
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Description: Homework isDateJanuary 1January 10March 14March 15July 30October 5October 26.DateRequired information[The following information applies to the questions displayed below.]Hemming Company reported the following current-year purchases and sales for its

Cost of goods sold = Opening stock + Purchases - Closing Stock

Business

Accounting

S 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 Activities Beginning inventory Sales Purchase Sales March 15 July 30 October 5 October 26 Purchase Sales Purchase Totals a) Cost of Goods Sold using Specific Identification Available for Sale Date Activity Units Acquired at Cost @ $13.20 @ $18.20 = @ $23.20 @ $28.20 # of units 280 units 460 units. 480 units 180 units 1,400 units B Cost Per # of units Unit sold $ 3,696 8,372 11,136 5,076 $ 28,280 Cost of Goods Sold Cost Per Unit Hemming uses a periodic inventory system. Ending inventory consists of 40 units from the March 14 purchase, 80 units from the July 30 purchase, and all 180 units from the October 26 purchase. Using the specific identification method, calculate the following. Units Sold at Retail COGS 240 units 410 units 450 units 1,100 units @ $43.20 @$43.20 @ $43.20 Ending Inventory Units Ending Inver Cost Per Unit ▸

S 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 Activities Beginning inventory Sales Purchase Sales March 15 July 30 October 5 October 26 Purchase Sales Purchase Totals a) Cost of Goods Sold using Specific Identification Available for Sale Date Activity Units Acquired at Cost @ $13.20 @ $18.20 = @ $23.20 @ $28.20 # of units 280 units 460 units. 480 units 180 units 1,400 units B Cost Per # of units Unit sold $ 3,696 8,372 11,136 5,076 $ 28,280 Cost of Goods Sold Cost Per Unit Hemming uses a periodic inventory system. Ending inventory consists of 40 units from the March 14 purchase, 80 units from the July 30 purchase, and all 180 units from the October 26 purchase. Using the specific identification method, calculate the following. Units Sold at Retail COGS 240 units 410 units 450 units 1,100 units @ $43.20 @$43.20 @ $43.20 Ending Inventory Units Ending Inver Cost Per Unit ▸

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 [The following information applies to the questions displayed below.] Hemming Company reported the following current-year purchases and sales for its only product. Activities Beginning inventory Sales. Purchase Sales Purchase Sales Purchase Totals Date January 1 January 10 March 14 March 15 July 30 October 5 October 26 a) Cost of Goods Sold using Specific Identification Available for Sale Date January 1 March 14 July 30 October 26 Less: Equals: Activity Beginning Inventory Purchase Purchase Purchase b) Gross Margin using Specific Identification # of units 260 420 460 160 1,300 Units Acquired at Cost @$12.40 = @$17.40 = 260 units. 420 units 460 units 160 units 1,300 units Cost Per Unit $ 12.40 $17.40 $22.40 $ 27.40 3 @ $22.40 # of units sold @$27.40 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. = 0…
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