[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 Beginning inventory Sales March 14 Purchase March 15 Sales Purchase July 30 October 5 Sales October 26 Purchase Totals Required: Hemming uses a perpetual inventory system. Units Acquired at Cost @$11.60 = @$16.60 = 240 units 370 units 440 units 140 units 1, 190 units @$21.60 = @$26.60 = $ 2,784 6, 142 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. 9,504 3,724 $ 22,154 Units Sold at Retail 180 units 330 units 415 units 925 units @ $41.60 @$41.60 @ $41.60

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Determine the costs assigned to ending inventory and to cost of goods sold using FIFO.
Date
January 1
January 10
March 14
Total March 14
March 15
Total March 15
July 30
Total July 30
Goods Purchased
# of units
Cost per
unit
# of units sold
Perpetual FIFO:
Cost of Goods Sold
Cost per
unit
Cost of Goods Sold
INTERESA
Fiel
370 at $ 16.60 = $ 6,142.00
PREDGAFATDICH
S
MEN
# of units
F
240 at
Inventory Balance
Cost per
unit
$11.60 =
$11.60 =
Inventory
Balance
$ 2,784.00
Transcribed Image Text:Required information Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. Date January 1 January 10 March 14 Total March 14 March 15 Total March 15 July 30 Total July 30 Goods Purchased # of units Cost per unit # of units sold Perpetual FIFO: Cost of Goods Sold Cost per unit Cost of Goods Sold INTERESA Fiel 370 at $ 16.60 = $ 6,142.00 PREDGAFATDICH S MEN # of units F 240 at Inventory Balance Cost per unit $11.60 = $11.60 = Inventory Balance $ 2,784.00
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
March 14
Activities
Beginning inventory
Sales
Purchase
Sales
March 15
July 30
October 5
October 26
Purchase
Sales
Purchase
Totals
Required:
Hemming uses a perpetual inventory system.
Units Acquired at Cost
@$11.60 F
240 units
370 units
440 units
140 units
1,190 units
@$16.60 =
@ $21.60 =
@$26.60 -
$ 2,784
6,142
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.
9,504
3,724
$ 22, 154
Units Sold at Retail
180 units
330 units
415 units
925 units
@$41.60
@$41.60
@$41.60
Check my
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 March 14 Activities Beginning inventory Sales Purchase Sales March 15 July 30 October 5 October 26 Purchase Sales Purchase Totals Required: Hemming uses a perpetual inventory system. Units Acquired at Cost @$11.60 F 240 units 370 units 440 units 140 units 1,190 units @$16.60 = @ $21.60 = @$26.60 - $ 2,784 6,142 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. 9,504 3,724 $ 22, 154 Units Sold at Retail 180 units 330 units 415 units 925 units @$41.60 @$41.60 @$41.60 Check my
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