Silawing current-year purchases and sales for its only product. Date January 1 January 10 March 14 March 15 July 30 October 5 October 26 Activities Units Acquired at Cost 285 units Beginning inventory Sales Purchase Sales Purchase Sales Units Sold at Retail @ $13.40= $ 3,819 470 units e $18.40- 250 units @ $43.40 8,648 485 units O $23.40- 11,349 400 units e $43.40 460 units O $43.40 Purchase Totals 185 units e $28.40- 5,254 $ 29,070 1,425 units 1,110 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.

Cost Flow Methods The following three identical units of Item Alpha are purchased during April: Item Alpha Units Cost Apr. 2 Purchase 1 $145 14 Purchase 1 149 28 Purchase 153 Total 3 $447 Average cost per unit $149 ($4473 units) Assume that one unit is sold on April 30 for $215. Determine the gross profit for April and ending inventory on April 30 using the (a) first-in, first-out (FIFO); (b) last-in, first-out (LIFO); and (c) weighted average cost methods. Gross Profit Ending Inventory a. First-in, first-out (FIFO) b. Last-in, first-out (LIFO) c. Weighted average cost X

Date January 1 January 3 February 14 February 15 June 30 November 6 November 19 Activities Beginning inventory Sales Purchase. Sales Purchase. Sales Purchase. Totals FIFO Units Acquired at Cost 190 units 300 units Periodic Inventory System 240 units 80 units 810 units @ $2 = $380 @$3-$900 @ $4$ 960 @$5$400 $ 2,648 Required A Required B Required C Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. Ending Cost of Inventory Goods Sold Units Sold at Retail 122 units @ $8 @ $8 @ $8 210 units The company uses a periodic 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 each method. Complete this question by entering your answers in the tabs below. 176 units 508 units

A-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 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. Determine the cost assigned to ending inventory and to cost of goods sold using LIFO. (Round cost per unit to 2 decimal places.) Required:

Date Activities Units Acquired at Cost Units Sold at Retail April 1 Beginning inventory 175 units @ $15 = $2,625   April 4 Purchase 150 units @ $16 = $2,400   April 7 Sales   160 units @ $30 April 10 Purchase 200 units @ $17 = $3,400   April 16 Sales   250 units @ $30 April 25 Purchase 160 units @ $18 = $2,880   April 28 Sales   150 units @ $32 A. Determine the cost assigned to ending inventory and cost of goods sold using FIFO. B. Determine the cost assigned to ending inventory and cost of goods sold using LIFO

vmp

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.

Bhil

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