Exercise 5-8 Specific Identification LO P1

Help Sa Required information Use the following information for the Exercises below. (The following information applies to the questions displayed below.) Hemming Co. reported the following current-year purchases and sales for its only product. Date Activities Units Acquired at Cost U nits Sold at Retail Jan. 1 Beginning inventory 225 units $11.00 - $ 2,475 Jan.10 Sales 150 units $41.00 Mar.14 Purchase 340 units @ $16.00 - 5,440 Mar.15 Sales 300 units $41.00 July 30 Purchase 425 units $21.00 - 8.925 Oct. 5 Sales 395 units $41.00 Oct.26 Purchase 125 units $26.00 Totals 1.115 units $20,090 845 units 1 Exercise 5-8 Specific identification LO P1 Required: Hemming uses a perpetual inventory system. Assume that ending inventory is made up of 65 units from the March 14 purchase, 80 units from the July 30 purchase, and all 125 units from the October 26 purchase. Using the specific identification method, calculate the following Cost of Goods Sold a) Cost of Goods Sold using Specific Identification Available for Sale Unit Date Activity Units Cost Ending Inventory Ending Ending Inventory Unit Cost Inventory Units Units Sold Unit Cost COGS