9:00 PM Wed Mar 30 100% X Chapter 6 Assignment Chapter 6 Assignment i Saved Help Save & Exit Submit Check my work mode : This shows what is correct or incorrect for the work you have completed so far. It does not indicate completion. Return to question 13 Date Activities Units Acquired at Cost Units Sold at Retail January 1 Beginning inventory 235 units @ $11. 40 = $ 2, 679 January 10 Sales 170 units @ $41.40 March 14 Purchase 360 units @ $16. 40 = 5,904 Part 2 of 2 March 15 Sales 290 units @ $41. 40 July 30 Purchase 435 units @ $21. 40 9, 309 October 5 Sales 410 units @ $41. 40 October 26 Purchase 135 units @ $26. 40 = 3, 564 7.18 Totals 1, 165 units $ 21, 456 870 units points Ending inventory consists of 65 units from the March 14 purchase, 95 units from the July 30 purchase, and all 135 units from the October 26 purchase. Using the specific identification method, calculate the following. x Answer is complete but not entirely correct. a) Cost of Goods Sold using Specific Identification Available for Sale Cost of Goods Sold Ending Inventory Date Cost # of Cost Per Ending # of units Cost Per Activity Per Ending units COGS Unit Inventory Unit Unit sold Units Inventory Cost January 1 Beginning Inventory 235 $ 11.40 235 $ 11.40 $ 2,679 O$ 11.40 March 14 Purchase 360 $ 16.40 295 $ 16.40 4,838 65 $ 16.40 1,066 July 30 Purchase 435 $ 21.40 340 $ 21.40 7,276 95 $ 21.40 2,033 October 26 Purchase 135 $ 26.40 o $ 26.40 135 $ 26.40 3,564 1,165 870 $ 14,793 295 $ 6,663 b) Gross Margin using Specific Identification Sales $ 21,456 X Less: Cost of goods sold 14,793 Equals: Gross profit 6,663 X Mc Graw Hill C8:59 PM Wed Mar 30 X Chapter 6 Assignment Chapter 6 Assignment 0 Saved Help Save & Exit Submit Check my work Required information Pa" 1 0f 2 [The following information applies to the questions displayed below] Hemming Company reported the following current-year purchases and sales for its only product. 714 points Date Activities Units Acquired at Cost Units Sold at Retail January 1 Beginning inventory 235 units @ $11.40 = $ 2,679 Skipped January 10 Sales 170 units @ $41.40 March 14 Purchase 360 units @ $16.40 = 5,904 March 15 Sales 290 units @ $41.40 July 30 Purchase 435 units @ $21.40 = 9,309 El October 5 Sales 410 units @ $41.40 eBook October 26 Purchase 135 units @ $26.40 = 3,564 Totals 1,165 units $ 21,456 370 units Hint Required: 6 Hemming uses a perpetual inventory system. P' t m 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. [Fl 3. Compute the gross profit for FIFO method and LIFO method. References Complete this question by entering your answers in the tabs below. Required 1 ' Required 2 Required 3 Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. Next > ED % Mc Grav Hill Mc Graw Hill C8:59 PM Wed Mar 30 100% X Chapter 6 Assignment Chapter 6 Assignment i Saved Help Save & Exit Submit Check my work 12 Required information Perpetual FIFO: Part 1 of 2 Goods Purchased Cost of Goods Sold Inventory Balance Date # of units Cost per Cost per Cost per Inventory unit # of units sold Cost of Goods Sold unit # of units unit Balance 7.14 January 1 points January 10 Skipped March 14 Total March 14 eBook March 15 Total March 15 Hint July 30 Print Total July 30 References October 5 Total October 5 October 26 Totals $ 0.00 Mc Grav