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   210 units @ $10.40 = $ 2,184             Jan. 10   Sales                 170 units @ $40.40     Mar. 14   Purchase   310 units @ $15.40 =   4,774             Mar. 15   Sales                 270 units @ $40.40     July 30   Purchase   410 units @ $20.40 =   8,364             Oct. 5   Sales                 380 units @ $40.40     Oct. 26   Purchase   110 units @ $25.40 =   2,794                   Totals   1,040 units     $ 18,116   820 units       Exercise 5-8 Specific identification LO P1 Required: Hemming uses a perpetual inventory system. Assume that ending inventory is made up of 40 units from the March 14 purchase, 70 units from the July 30 purchase, and all 110 units from the October 26 purchase. Using the specific identification method, calculate the following.

Required information [The following information applies to the questions displayed below.] Laker Company reported the following January purchases and sales data for its only product. For specific identification, ending inventory consists of 385 units from the January 30 purchase, 5 units from the January 20 purchase, and 15 units from beginning inventory. Date January 1 January 10 January 20 January 25 Activities Beginning inventory Sales Purchase Sales January 30 Purchase Totals Units Acquired at Cost 225 units @$ 15.00 = 180 units @ $ 14.00 = 385 units @ $ 12.00 = 790 units Units sold at Retail $ 3,375 2,520 4,620 $ 10,515 175 units 210 units 0 $ 24.00 $ 24.00 385 units Assume the perpetual inventory system is used. Required: 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 weighted average. 3. Determine the cost assigned to…

[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…

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   210 units @ $10.40 = $ 2,184             Jan. 10   Sales                 170 units @ $40.40     Mar. 14   Purchase   310 units @ $15.40 =   4,774             Mar. 15   Sales                 270 units @ $40.40     July 30   Purchase   410 units @ $20.40 =   8,364             Oct. 5   Sales                 380 units @ $40.40     Oct. 26   Purchase   110 units @ $25.40 =   2,794                   Totals   1,040 units     $ 18,116   820 units       Exercise 5-9A Periodic: Inventory costing system LO P3 Required:Hemming uses a periodic inventory system.  (a) Determine the costs assigned to ending inventory and to cost of goods sold using FIFO.(b) Determine the costs assigned to ending inventory and to cost of goods sold using LIFO.(c) Compute the gross margin for each method.

Specific Identification, FIFO, LIFO, and Weighted-Average Boyce Company's beginning inventory and purchases during the fiscal year ended September 30, 20-2, are shown. Units Unit Price Total Cost October 1, 20-1 Beginning inventory 400 $15.00 $6,000 October 18 1st purchase 300 16.50 4,950 November 25 2nd purchase 600 17.00 10,200 January 12, 20-2 3rd purchase 700 17.25 12,075 March 17 4th purchase 800 18.00 14,400 June 2 5th purchase 400 19.00 7,600 August 21 6th purchase 300 21.00 6,300 September 27 7th purchase 500 21.75 10,875 4,000 $72,400 Use the following information for the specific identification method. There are 900 units of inventory on hand on September 30, 20-2. Of these 900 units: 50 are from October 18, 20-1 1st purchase 300 are from January 12, 20-2 3rd purchase 100 are from March 17 4th purchase 200 are from June 2 5th purchase 50 are from August 21 6th purchase 200 are from September 27 7th purchase

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 150 units @ $ 7.50  = $ 1,125               Jan. 10   Sales                   110 units @ $ 16.50   Jan. 20   Purchase 80 units @ $ 6.50  =   520               Jan. 25   Sales                   90 units @ $ 16.50   Jan. 30   Purchase 200 units @ $ 6.00 =   1,200                     Totals 430 units         $ 2,845   200 units            The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 230 units, where 200 are from the January 30 purchase, 5 are from the January 20 purchase, and 25 are from beginning inventory.   Required: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…

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…

97) A company had the following purchases and sales during its first month of operations: Date January 1 January 9 January 17 January 27 A) $84.00. B) $60.71. Activities C) $23.35. D) $46.70. E) $37.36. Purchase Sales Purchase Sales Units Acquired at Cost 10 units @ $4.00 = $40.00 8 units @ $5.50 = $44.00 Units Sold at Retail 6 units @ $12.00 Using the Periodic weighted average method, what is the value of cost of goods sold? (Round weighted average cost per unit to 2 decimal places.) 7 units @ $12.00

Required information Skip to question [The following information applies to the questions displayed below.] Laker Company reported the following January purchases and sales data for its only product. For specific identification, ending inventory consists of 400 units from the January 30 purchase, 5 units from the January 20 purchase, and 15 units from beginning inventory. Date Activities Units Acquired at Cost Units sold at Retail January 1 Beginning inventory 230 units @ $ 15.50 = $ 3,565 January 10 Sales 180 units @ $ 24.50 January 20 Purchase 190 units @ $ 14.50 = 2,755 January 25 Sales 220 units @ $ 24.50 January 30 Purchase 400 units @ $ 14.00 = 5,600 Totals 820 units $ 11,920 400 units Assume the perpetual inventory system is used. Required: Compute gross profit for the month of January for Laker Company for the four inventory methods. Which method yields the highest gross profit? Does gross profit using weighted average fall between that using FIFO and LIFO? If costs were rising…