Required informationUse the following information for the Exercises below.(The following information applies to the questions displayed below]Hemming Co. reported the following current-year purchases and sales for its only product.DateActivitionUnite Acquired at CostE510Unita Sold at RetailJan. 1 Beginning inventoryJan.10 SalesMar.14 Purchase200 unita-$ 2,000150 units$40350 unita$155,250Mar.15 Sales300 unitae $40July30 PurchaseOct. 5 Salesdet.26 Purchase450 unitse $209,000430 units e $40100 units $252,5001,100 units$18,750BB0 unitsExercise 5-7 Perpetual: Inventory costing methods-FIFO and LIFO LO P1Required:Hemming uses a perpetual inventory system.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 soid using LIFO.3. Compute the gross margin for FIFO method and LIFO method.

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Description: Required informationUse the following information for the Exercises below.(The following information applies to the questions displayed below]Hemming Co. reported the following current-year purchases and sales for its only product.DateActivitionUnit

The question is based on the concept of Cost Accounting.

Business

Accounting

(The following information applies to the questions displayed below) Hemming Co. reported the following current-year purchases and sales for its only product. Date Unite Acquired at Cost ES10 Unita Soldat Retail Jan. 1 Beginning inventory Jan.10 Sales 200 unita -$ 2,000 150 units e$40 Mar.14 Purehase 350 units e$15 5, 250 Mar.15 Sales 300 units e $40 July30 Purchase Oct. 5 Sales 450 units E$20 9,000 430 units eS40 Oet.26 Purchase 100 units 2,500 $18, 750 $25 Totals 1,100 units B80 units

(The following information applies to the questions displayed below) Hemming Co. reported the following current-year purchases and sales for its only product. Date Unite Acquired at Cost ES10 Unita Soldat Retail Jan. 1 Beginning inventory Jan.10 Sales 200 unita -$ 2,000 150 units e$40 Mar.14 Purehase 350 units e$15 5, 250 Mar.15 Sales 300 units e $40 July30 Purchase Oct. 5 Sales 450 units E$20 9,000 430 units eS40 Oet.26 Purchase 100 units 2,500 $18, 750 $25 Totals 1,100 units B80 units

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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[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 225 units @ $15.e0 = $ 3,375 Units sold at Retail Jan. 1 Beginning inventory Jan. 10 sales 175 units @ $24.00 Jan. 20 Purchase 180 units @ $14.ee - 2,520 Jan. 25 Sales 210 units e $24.00 Jan. 30 Purchase 350 units @ $13.50 = 4,725 Totals 755 units $18,620 385 units The Company uses a perpetual Inventory system. For specific lidentification, ending Inventory consists of 370 units, where 350 are from the January 30 purchase, 5 are from the January 20 purchase, and 15 are from beginning Inventory. Requlred: 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 welghted average. 3. Determine the cost assigned to ending Inventory and to…
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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. Exercise 5-4 Perpetual: Income effects of inventory methods LO A1 Required:1. Complete comparative income statements for the month of January for Laker Company for the four inventory methods. Assume expenses are $1,300…
1) 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 140 units @ $6.00 = $ 840 Jan. 10 Sales 100 units @$15 Jan. 20 Purchase 60 units @ $5.00 = 300 Jan. 25 Sales 80 units @$15 Jan. 30 Purchase 180 units @ $4.50 = 810 Totals 380 units $ 1,950 180 units Laker uses a perpetual inventory system. For specific identification, ending inventory consists of 200 units, where 180 are from the January 30 purchase, 5 are from the January 20 purchase, and 15 are from beginning inventory. Complete comparative income statements for the month of January for Laker Company for the four inventory methods. Assume expenses are $1,250, and that the…
Required information Use the following information for the Exercises below. Skip to question [The following information applies to the questions displayed below.] Hemming Co. reported the following current-year purchases and sales for its only product. Date Activities Units Acquired at Cost Units Sold at Retail Jan. 1 Beginning inventory 250 units @ $12.00 = $ 3,000 Jan. 10 Sales 200 units @ $42.00 Mar. 14 Purchase 400 units @ $17.00 = 6,800 Mar. 15 Sales 360 units @ $42.00 July 30 Purchase 450 units @ $22.00 = 9,900 Oct. 5 Sales 420 units @ $42.00 Oct. 26 Purchase 150 units @ $27.00 = 4,050 Totals 1,250 units $ 23,750 980 units Exercise 5-7 Perpetual: Inventory costing methods-FIFO and LIFO LO P1 Required:Hemming uses a perpetual inventory system. 1. Determine the costs assigned to ending…
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