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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4. EX.07.09 Weighted Average Cost Flow Method Under Perpetual Inventory System The following units of a particular item were available for sale during the calendar year: Jan. 1 Inventory 4,000 units at $20 Apr. 19 Sale 2,500 units June 30 Purchase 6,000 units at $24 Sept. 2 Sale 4,500 units Nov. 15 Purchase 1,000 units at $25 The firm uses the weighted average cost method with a perpetual inventory system. Determine the cost of merchandise sold for each sale and the inventory balance after each sale. Present the data in the form illustrated in Exhibit 5. Round unit cost to two decimal places, if necessary. Schedule of Cost of Merchandise Sold Weighted Average Cost Flow Method Purchases Cost of Merchandise Sold Inventory Date Quantity Unit CostTotal CostQuantityUnit CostTotal CostQuantity Unit CostTotal Cost Jan. 1 2$ $ Apr. 19 $ $ June 30 $ $ Sept. 2 Nov. 15 Dec. 31 Balances 2$ $ $
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Hemming Company reported the following current-year purchases and sales for its only product. Date January 1 January 10 Activities Beginning inventory Sales Units Acquired at Cost @ $10.20 = March 14 Purchase @ $15.20 = March 15 Sales July 30 Purchase @ $20.20 = Sales Purchase Totals October 5 October 26 Required: Hemming uses a perpetual inventory system. 205 units 300 units 400 units 105 units 1,010 units @ $25.20 $ 2,091 4,560 8,080 2,646 $ 17,377 1. Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. 2. Determine the costs assigned to ending inventory and to cost of goods sold using LIFO. 3. Compute the gross profit for FIFO method and LIFO method. Units Sold at Retail 160 units 250 units 375 units 785 units @ $40.20 @ $40.20 @ $40.20
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