[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 Activities Beginning inventory Sales March 14 Purchase March 15 Sales Purchase July 30 October 5 Sales October 26 Purchase Totals Required: Hemming uses a perpetual inventory system. Units Acquired at Cost @$11.60 = @$16.60 = 240 units 370 units 440 units 140 units 1, 190 units @$21.60 = @$26.60 = $ 2,784 6, 142 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 sold using LIFO. 3. Compute the gross profit for FIFO method and LIFO method. 9,504 3,724 $ 22,154 Units Sold at Retail 180 units 330 units 415 units 925 units @ $41.60 @$41.60 @ $41.60

[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 Activities Beginning inventory Sales March 14 Purchase March 15 Sales Purchase July 30 October 5 Sales October 26 Purchase Totals Required: Hemming uses a perpetual inventory system. Units Acquired at Cost @$11.60 = @$16.60 = 240 units 370 units 440 units 140 units 1, 190 units @$21.60 = @$26.60 = $ 2,784 6, 142 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 sold using LIFO. 3. Compute the gross profit for FIFO method and LIFO method. 9,504 3,724 $ 22,154 Units Sold at Retail 180 units 330 units 415 units 925 units @ $41.60 @$41.60 @ $41.60

Name: Required informationDetermine the costs assigned to ending inventory
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Description: Required informationDetermine the costs assigned to ending inventory and to cost of goods sold using FIFO.DateJanuary 1January 10March 14Total March 14March 15Total March 15July 30Total July 30Goods Purchased# of unitsCost perunit# of units soldPerp

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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Montoure Company uses a perpetual inventory system. It entered into the following calendar-year purchases and sales transactions. Date Activities Units Acquired at Cost Units Sold at Retail January 1 Beginning inventory 700 units @ $50 per unit February 10 Purchase 300 units @ $46 per unit March 13 Purchase 100 units @ $40 per unit March 15 Sales 780 units @ $70 per unit August 21 Purchase 110 units @ $55 per unit September 5 Purchase 570 units @ $52 per unit September 10 Sales 680 units @ $70 per unit Totals 1,780 units 1,460 units Required:1. Compute cost of goods available for sale and the number of units available for sale. 2. Compute the number of units in ending inventory Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, (c) weighted average, and (d) specific identification. (For specific identification, units sold consist of 700 units from beginning inventory, 200 from the February…
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