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Hemming Company reported the following currentyear purchases and sales for its only product.
Date Activities Units Acquired at Cost Units Sold at Retail
January Beginning inventory units @ $ $
January Sales units @ $
March Purchase units @ $
March Sales units @ $
July Purchase units @ $
October Sales units @ $
October Purchase units @ $
Totals units $ units
Exercise A Algo Periodic: Inventory costing LO P
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 profit for each method.
Related Book For
Advanced Financial Accounting
ISBN: 978-0078025624
10th edition
Authors: Theodore E. Christensen, David M. Cottrell, Richard E. Baker
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