Hemming Company reported the following current-year purchases and sales for its only product.Units Acquired at Cost8 $12.40-ActivitiesBeginning inventorySalesPurchaseSalesPurchaseSales@$17.40-@$22.40-Purchase@ $27.40TotalsDateJanuary 1January 10March 14March 15July 30October 5October 26a) Cost of Goods Sold using Specific IdentificationAvailable for SaleDateJanuary 1March 14July 30October 20ActivityLess:Equals:Beginning InventoryPurchasePurchasePurchaseb) Gross Margin using Specific Identificationof units260 units420 units2604204601601,300460 unitsEnding inventory consists of 45 units from the March 14 purchase, 75 units from the July 30 purchase, and all 160 units from theOctober 26 purchase. Using the specific identification method, calculate the following.160 units.1,300 units.$ 3,2247,308Cost Per #of unitsUnitsold10,3044,384$ 25,220Cost of Goods SoldCost PorUnitUnits Sold at Retail:COGS215 units380 units425 units1,020 unitse $42.40@ $42.40$42.40EndingInventoryUnitsEnding InventoryCost Per UnitEnding 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.Units Acquired at Cost8 $12.40-ActivitiesBeginning inventorySalesPurchaseSalesPurchaseSales@$17.40-@$22.40-Purchase@ $27.40TotalsDateJanuary 1January 10Marc

Specific identification method:— It is one of the methods of inventory valuation in which sales…

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Hemming Company reported the following current-year purchases and sales for its only product. Activities Beginning inventory Sales Units Acquired at Cost 8 $12.40- @ $17.40- @$22.40- Purchase Sales Purchase Sales Purchase Totals @ $27.40 Date January 1 January 10 March 14. March 15 July 30 October 5 October 26 a) Cost of Goods Sold using Specific Identification Available for Sale Date January 1 March 14 July 30 October 20 Activity Less: Equals: Beginning Inventory Purchase Purchase Purchase b) Gross Margin using Specific Identification of units 260 420 260 units 460 160 1,300 420 units Ending inventory consists of 45 units from the March 14 purchase, 75 units from the July 30 purchase, and all 160 units from the October 26 purchase. Using the specific identification method, calculate the following. 460 units 160 units. 1,300 units. Cost Per Unit $ 3,224 7,308 #of units sold 10,304 4,384 $ 25,220 Cost of Goods Sold Cost Por Unit Units Sold at Retail: COGS 215 units 380 units 425 units 1,020 units e $42.40 @ $42.40 @ $42.40 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. Activities Beginning inventory Sales Units Acquired at Cost 8 $12.40- @ $17.40- @$22.40- Purchase Sales Purchase Sales Purchase Totals @ $27.40 Date January 1 January 10 March 14. March 15 July 30 October 5 October 26 a) Cost of Goods Sold using Specific Identification Available for Sale Date January 1 March 14 July 30 October 20 Activity Less: Equals: Beginning Inventory Purchase Purchase Purchase b) Gross Margin using Specific Identification of units 260 420 260 units 460 160 1,300 420 units Ending inventory consists of 45 units from the March 14 purchase, 75 units from the July 30 purchase, and all 160 units from the October 26 purchase. Using the specific identification method, calculate the following. 460 units 160 units. 1,300 units. Cost Per Unit $ 3,224 7,308 #of units sold 10,304 4,384 $ 25,220 Cost of Goods Sold Cost Por Unit Units Sold at Retail: COGS 215 units 380 units 425 units 1,020 units e $42.40 @ $42.40 @ $42.40 Ending Inventory Units Ending Inventory Cost Per Unit Ending Inventory Cost

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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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. Activities Beginning inventory Sales. Purchase Sales Purchase Sales Purchase Totals Date January 1 January 10 March 14 March 15 July 30 October 5 October 26 a) Cost of Goods Sold using Specific Identification Available for Sale Date January 1 March 14 July 30 October 26 Less: Equals: Activity Beginning Inventory Purchase Purchase Purchase b) Gross Margin using Specific Identification # of units 260 420 460 160 1,300 Units Acquired at Cost @$12.40 = @$17.40 = 260 units. 420 units 460 units 160 units 1,300 units Cost Per Unit $ 12.40 $17.40 $22.40 $ 27.40 3 @ $22.40 # of units sold @$27.40 Ending inventory consists of 45 units from the March 14 purchase, 75 units from the July 30 purchase, and all 160 units from the October 26 purchase. Using the specific identification method, calculate the following. = 0…
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