[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

[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

Name: Required informationDetermine the costs assigned to ending inventory
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Description: Required informationDetermine the costs assigned to ending inventory and to cost of goods sold using FIFO.DateJanuary 1January 10March 14Total March 14March 15Total March 15July 30Total July 30Goods Purchased# of unitsCost perunit# of units soldPerp

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. Date January 1 January 10 March 14 March 151 July 30 October 5 October 26 Activities beginning inventory Sales Purchase Sales Purchase Sales Purchase Totals Required: Hemming uses a perpetual inventory system. Units Acquired at Cost $11.40- 235 units 360 units 435 units 135 units 1,165 units $16.40- $21.40- $26.40- $ 2,679 5,904 9,309 3,564 $ 21,456 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 170 units 290 units 410 units 870 units $41.40 $41.40 @$41.40
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