Date January 1 January 10 March 14 March 15 July 30 October 5 October 26 Activities...

 

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Date January 1 January 10 March 14 March 15 July 30 October 5 October 26 Activities Units Acquired at Cost Units Sold at Retail Sales Purchase Sales E Purchase Sales Purchase Totals Beginning inventory 275 units @ $13.00 = $ 3,575 230 units @ $43.00 450 units @ $18.00 = 8,100 400 units @ $43.00 475 units 175 units 1,375 units @ $23.00 = @ $28.00 10,925 455 units @ $43.00 4,900 $ 27,500 1,085 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. Date January 1 January 10 March 14 March 15 July 30 October 5 October 26 Activities Units Acquired at Cost Units Sold at Retail Sales Purchase Sales E Purchase Sales Purchase Totals Beginning inventory 275 units @ $13.00 = $ 3,575 230 units @ $43.00 450 units @ $18.00 = 8,100 400 units @ $43.00 475 units 175 units 1,375 units @ $23.00 = @ $28.00 10,925 455 units @ $43.00 4,900 $ 27,500 1,085 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.

Answer rating: 100% (QA)

Answer 1 Determine the cost of goods sold using FIFO To calculate the cost of goods sold using FIFO ... View the full answer