Hemming Company reported the following current-year purchases and sales for its only product.DateJanuary 1January 10ActivitiesBeginning inventorySalesUnits Acquired at Cost@ $12.00 =March 14@ $17.00 =PurchaseSalesMarch 15July 30October 5October 26@ $22.00@ $27.00a) Cost of Goods Sold using Specific IdentificationAvailable for SaleDateJanuary 1March 14PurchaseSalesPurchaseTotalsJuly 30October 26Less:Equals:ActivityBeginning InventoryPurchasePurchasePurchaseb) Gross Margin using Specific Identification# of units250 units2504004501501,250400 units450 units150 units1,250 unitsEnding inventory consists of 45 units from the March 14 purchase, 75 units from the July 30 purchase, and all 150 units from theOctober 26 purchase. Using the specific identification method, calculate the following.=Cost Per # of unitsUnitsold$ 3,0006,8009,9004,050$ 23,750Cost of Goods SoldCost PerUnitUnits Sold at RetailCOGS200 units360 units420 units980 units@$42.00@$42.00@ $42.00EndingInventoryUnitsEnding InventoryCost Per Unit Ending InventoryCost

Name: Hemming Company reported the following current-year purchases and sal
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Description: Hemming Company reported the following current-year purchases and sales for its only product.DateJanuary 1January 10ActivitiesBeginning inventorySalesUnits Acquired at Cost@ $12.00 =March 14@ $17.00 =PurchaseSalesMarch 15July 30October 5October 26@

Specific Identification Method: The particular identification approach pertains to the process of…

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Hemming Company reported the following current-year purchases and sales for its only product. Date January 1 Activities Beginning inventory Sales Units Acquired at Cost @$12.00 @$17.00 January 10 March 14 March 15 July 30 October 5 October 26 Purchase Sales Purchase Sales @ $22.00 Purchase @ $27.00 Totals a) Cost of Goods Sold using Specific Identification Available for Sale Date January 1 March 14 July 30 October 26 Activity Beginning Inventory Purchase Purchase Purchase b) Gross Margin using Specific Identification Less: Equals: # of units 250 400 250 units 450 150 1,250 400 units 450 units 150 units 1,250 units = Cost Per # of units Unit sold = = Ending inventory consists of 45 units from the March 14 purchase, 75 units from the July 30 purchase, and all 150 units from the October 26 purchase. Using the specific identification method, calculate the following. $ 3,000 6,800 9,900 4,050 $ 23,750 Cost of Goods Sold Cost Per Unit Units Sold at Retail COGS 200 units 360 units 420 units 980 units @ $42.00 @ $42.00 @ $42.00 Ending Inventory Units Ending Inventory Cost Per Unit Ending Inventory Cost

Hemming Company reported the following current-year purchases and sales for its only product. Date January 1 Activities Beginning inventory Sales Units Acquired at Cost @$12.00 @$17.00 January 10 March 14 March 15 July 30 October 5 October 26 Purchase Sales Purchase Sales @ $22.00 Purchase @ $27.00 Totals a) Cost of Goods Sold using Specific Identification Available for Sale Date January 1 March 14 July 30 October 26 Activity Beginning Inventory Purchase Purchase Purchase b) Gross Margin using Specific Identification Less: Equals: # of units 250 400 250 units 450 150 1,250 400 units 450 units 150 units 1,250 units = Cost Per # of units Unit sold = = Ending inventory consists of 45 units from the March 14 purchase, 75 units from the July 30 purchase, and all 150 units from the October 26 purchase. Using the specific identification method, calculate the following. $ 3,000 6,800 9,900 4,050 $ 23,750 Cost of Goods Sold Cost Per Unit Units Sold at Retail COGS 200 units 360 units 420 units 980 units @ $42.00 @ $42.00 @ $42.00 Ending Inventory Units Ending Inventory Cost Per Unit Ending Inventory Cost

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter6: Cost Of Goods Sold And Inventory

Section: Chapter Questions

Problem 50E: Inventory Costing Methods Crandall Distributors uses a perpetual inventory system and has the...

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