Use the following information for the Exercises 8-10 below. (Algo) Skip to question [The following information applies to the questions displayed below.] Hemming Company reported the following current -year purchases and sales for its only product. Date Activities Units Acquired at Cost Units Sold at Retail January 1 Beginning inventory 290 units @ $ 13.60 $ 3,944 January 10 Sales 260 units @ $43.60 March 14 Purchase 500 units @ $18.60 = 9,300 March 15 Sales 430 units @ $43.60 July 30 Purchase 490 units @ $23.60 = 11,564 October 5 Sales 470 units @ $43.60 October 26 Purchase 190 units @ $28.60 = 5,434 Totals 1,470 units $ 30,242 1, 160 units Exercise 6-9 (Algo) Specific identification LO P1 Ending inventory consists of 40 units from the March 14 purchase, 80 units from the July 30 purchase, and all 190 units from the October 26 purchase. Using the specific identification method, calculate the following.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Use the following information for the Exercises 8-10 below. (Algo) Skip to question [The following information applies
to the questions displayed below.] Hemming Company reported the following current -year purchases and sales for its
only product. Date Activities Units Acquired at Cost Units Sold at Retail January 1 Beginning inventory 290 units @ $
13.60 $ 3,944 January 10 Sales 260 units @ $43.60 March 14 Purchase 500 units @ $18.60 = 9,300 March 15 Sales
430 units @ $43.60 July 30 Purchase 490 units @ $23.60 = 11,564 October 5 Sales 470 units @ $43.60 October 26
Purchase 190 units @ $28.60 = 5,434 Totals 1,470 units $ 30,242 1, 160 units Exercise 6-9 (Algo) Specific identification
LO P1 Ending inventory consists of 40 units from the March 14 purchase, 80 units from the July 30 purchase, and all 190
units from the October 26 purchase. Using the specific identification method, calculate the following.
Transcribed Image Text:Use the following information for the Exercises 8-10 below. (Algo) Skip to question [The following information applies to the questions displayed below.] Hemming Company reported the following current -year purchases and sales for its only product. Date Activities Units Acquired at Cost Units Sold at Retail January 1 Beginning inventory 290 units @ $ 13.60 $ 3,944 January 10 Sales 260 units @ $43.60 March 14 Purchase 500 units @ $18.60 = 9,300 March 15 Sales 430 units @ $43.60 July 30 Purchase 490 units @ $23.60 = 11,564 October 5 Sales 470 units @ $43.60 October 26 Purchase 190 units @ $28.60 = 5,434 Totals 1,470 units $ 30,242 1, 160 units Exercise 6-9 (Algo) Specific identification LO P1 Ending inventory consists of 40 units from the March 14 purchase, 80 units from the July 30 purchase, and all 190 units from the October 26 purchase. Using the specific identification method, calculate the following.
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