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 ▸
Survey of Accounting (Accounting I)
8th Edition
ISBN:9781305961883
Author:Carl Warren
Publisher:Carl Warren
Chapter6: Receivables And Inventories
Section: Chapter Questions
Problem 6.4.1P: Inventory by three cost flow methods Details regarding the inventory of appliances on January 1,...
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