Hemming Company reported the following current-year purchases and sales for its only product. Date Activities January...
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Hemming Company reported the following current-year purchases and sales for its only product. Date Activities January 11 Beginning inventory. January 10 Sales March 14 March 151 July 30 October 5 October 26 a) Periodic FIFO Purchase Sales Owinnin Purchase Sales Purchase Totals 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. # of units sn Units Acquired at Cost @ $10. @ $15 @ $20 @$25 Cost of Goods Available for Sale Cost of Goods Available for Sale Cost per unit 200 units 350 units 450 units *150 100 units 1,100 units 2.wm # of units sold $ 2,000 5,250 9,000 2,500 $18,750 Answer is not complete. Cost of Goods Sold Cost per unit Cost of Goods Sold Units Sold at Retail 150 units @ $40 300 units 430 units 880 units. @$40 @ $40 Ending Inventory # of units in ending inventory Cost per unit Ending Inventory Required information a) Periodic FIFO Beginning inventory Purchases: March 14 July 30 October 26 Total b) Periodic LIFO Beginning inventory Purchases: March 14 July 30 October 26 Total Cost of Goods Available for Sale # of units 200 350 $ 15.00 450 $ 20.00 $25.00 100 1,100 # of units Cost per unit 200 $ 10.00 350 450 100 1,100 Cost of Goods Available for Sale Cost of Goods Available for Sale $10.00 $ 2,000 Cost per unit Cost of Goods Available for Sale 2,000 $15.00 $ 20.00 $25.00 $ 5,250 9,000 2,500 18,750 S 5,250 9,000 2,500 18,750 * Answer is not complete. # of units sold Cost of Goods Sold Cost per unit 150 $ 15.00 $ 20.00 300 430 $25.00 880 # of units sold 0 Cost of Goods Sold 2,250 6,000 10,750 $ 19,000 Cost of Goods Sold Cost per unit S Cost of Goods Sold 0 # of units in ending inventory 0 # of units in ending inventory 0 Ending Inventory Cost per unit Ending Inventory Cost per unit $ $ Ending Inventory Ending Inventory 0 0 Required information July 30 October 26 Total b) Periodic LIFO Beginning inventory Purchases: March 14 July 30 October 26 Total c) Gross Profit 450 $ 20.00✔ 100 $ 25.00 1,100 # of units Cost of Goods Available for Sale Cost of Goods Available for Sale 200 350 450 100 1,100 FIFO $ Cost per unit $10.00 $ $15.00 $20.00 $25.00 LIFO 9,000 2,500 18,750 2,000 5,250 9,000 2,500 $ 18,750 $ 20.00 300 430 $ 25.00 880 # of units sold 0 6,000 10,750 $ 19,000 Cost of Goods Sold Cost per unit Cost of Goods Sold 0 of units in ending inventory 0 0 Ending Inventory Cost per unit Ending Inventory 0 0 Hemming Company reported the following current-year purchases and sales for its only product. Date Activities January 11 Beginning inventory. January 10 Sales March 14 March 151 July 30 October 5 October 26 a) Periodic FIFO Purchase Sales Owinnin Purchase Sales Purchase Totals 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. # of units sn Units Acquired at Cost @ $10. @ $15 @ $20 @$25 Cost of Goods Available for Sale Cost of Goods Available for Sale Cost per unit 200 units 350 units 450 units *150 100 units 1,100 units 2.wm # of units sold $ 2,000 5,250 9,000 2,500 $18,750 Answer is not complete. Cost of Goods Sold Cost per unit Cost of Goods Sold Units Sold at Retail 150 units @ $40 300 units 430 units 880 units. @$40 @ $40 Ending Inventory # of units in ending inventory Cost per unit Ending Inventory Required information a) Periodic FIFO Beginning inventory Purchases: March 14 July 30 October 26 Total b) Periodic LIFO Beginning inventory Purchases: March 14 July 30 October 26 Total Cost of Goods Available for Sale # of units 200 350 $ 15.00 450 $ 20.00 $25.00 100 1,100 # of units Cost per unit 200 $ 10.00 350 450 100 1,100 Cost of Goods Available for Sale Cost of Goods Available for Sale $10.00 $ 2,000 Cost per unit Cost of Goods Available for Sale 2,000 $15.00 $ 20.00 $25.00 $ 5,250 9,000 2,500 18,750 S 5,250 9,000 2,500 18,750 * Answer is not complete. # of units sold Cost of Goods Sold Cost per unit 150 $ 15.00 $ 20.00 300 430 $25.00 880 # of units sold 0 Cost of Goods Sold 2,250 6,000 10,750 $ 19,000 Cost of Goods Sold Cost per unit S Cost of Goods Sold 0 # of units in ending inventory 0 # of units in ending inventory 0 Ending Inventory Cost per unit Ending Inventory Cost per unit $ $ Ending Inventory Ending Inventory 0 0 Required information July 30 October 26 Total b) Periodic LIFO Beginning inventory Purchases: March 14 July 30 October 26 Total c) Gross Profit 450 $ 20.00✔ 100 $ 25.00 1,100 # of units Cost of Goods Available for Sale Cost of Goods Available for Sale 200 350 450 100 1,100 FIFO $ Cost per unit $10.00 $ $15.00 $20.00 $25.00 LIFO 9,000 2,500 18,750 2,000 5,250 9,000 2,500 $ 18,750 $ 20.00 300 430 $ 25.00 880 # of units sold 0 6,000 10,750 $ 19,000 Cost of Goods Sold Cost per unit Cost of Goods Sold 0 of units in ending inventory 0 0 Ending Inventory Cost per unit Ending Inventory 0 0
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Related Book For
Fundamental accounting principle
ISBN: 978-0078025587
21st edition
Authors: John J. Wild, Ken W. Shaw, Barbara Chiappetta
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