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 Activities Reginning inventory Sales March 14 Purchase March 15 July 30 October 5 Sales Purchase Sales October 26 Purchase Totals 235 unite Units Acquired at Cost = Units Sold at Retail. @ $11.49 $ 2,679 170 units @$41.40 360 units $16.40 = 5,984 290 units @$41.40 435 units $21.40 = 9,309 410 units @$41.40 135 units 1,165 units $26.40 3,564 $ 21,456 870 units Required: Hemming uses a perpetual inventory system. 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. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. Goods Purchased Date # of units Cost per unit unit Perpetual FIFO: Cost of Goods Sold # of units sold Cost per Cost of Goods Sold Cost per # of units unit Inventory Balance Inventory Balance January 1 January 10 March 14 Total March 14 March 15 Total March 15 July 30 Total July 30 October 5
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 Activities Reginning inventory Sales March 14 Purchase March 15 July 30 October 5 Sales Purchase Sales October 26 Purchase Totals 235 unite Units Acquired at Cost = Units Sold at Retail. @ $11.49 $ 2,679 170 units @$41.40 360 units $16.40 = 5,984 290 units @$41.40 435 units $21.40 = 9,309 410 units @$41.40 135 units 1,165 units $26.40 3,564 $ 21,456 870 units Required: Hemming uses a perpetual inventory system. 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. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. Goods Purchased Date # of units Cost per unit unit Perpetual FIFO: Cost of Goods Sold # of units sold Cost per Cost of Goods Sold Cost per # of units unit Inventory Balance Inventory Balance January 1 January 10 March 14 Total March 14 March 15 Total March 15 July 30 Total July 30 October 5
Chapter10: Inventory
Section: Chapter Questions
Problem 4PB: Calculate the cost of goods sold dollar value for B74 Company for the sale on November 20,...
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Question
![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
Activities
Reginning inventory
Sales
March 14
Purchase
March 15
July 30
October 5
Sales
Purchase
Sales
October 26
Purchase
Totals
235 unite
Units Acquired at Cost
=
Units Sold at Retail.
@ $11.49
$ 2,679
170 units
@$41.40
360 units
$16.40 =
5,984
290 units
@$41.40
435 units
$21.40
=
9,309
410 units
@$41.40
135 units
1,165 units
$26.40
3,564
$ 21,456
870 units
Required:
Hemming uses a perpetual inventory system.
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.
Complete this question by entering your answers in the tabs below.
Required 1
Required 2 Required 3
Determine the costs assigned to ending inventory and to cost of goods sold using FIFO.
Goods Purchased
Date
# of units
Cost per
unit
unit
Perpetual FIFO:
Cost of Goods Sold
# of units sold Cost per
Cost of Goods Sold
Cost per
# of units
unit
Inventory Balance
Inventory
Balance
January 1
January 10
March 14
Total March 14
March 15
Total March 15
July 30
Total July 30
October 5](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fc3830c1c-5f86-4da8-8ff9-778ab88108b6%2Fc4b79321-ac8c-47bf-b444-4a8327ffbbfd%2F8rkcvx5_processed.png&w=3840&q=75)
Transcribed Image Text: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
Activities
Reginning inventory
Sales
March 14
Purchase
March 15
July 30
October 5
Sales
Purchase
Sales
October 26
Purchase
Totals
235 unite
Units Acquired at Cost
=
Units Sold at Retail.
@ $11.49
$ 2,679
170 units
@$41.40
360 units
$16.40 =
5,984
290 units
@$41.40
435 units
$21.40
=
9,309
410 units
@$41.40
135 units
1,165 units
$26.40
3,564
$ 21,456
870 units
Required:
Hemming uses a perpetual inventory system.
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.
Complete this question by entering your answers in the tabs below.
Required 1
Required 2 Required 3
Determine the costs assigned to ending inventory and to cost of goods sold using FIFO.
Goods Purchased
Date
# of units
Cost per
unit
unit
Perpetual FIFO:
Cost of Goods Sold
# of units sold Cost per
Cost of Goods Sold
Cost per
# of units
unit
Inventory Balance
Inventory
Balance
January 1
January 10
March 14
Total March 14
March 15
Total March 15
July 30
Total July 30
October 5
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