Hemming Company reported the following current-year purchases and sales for its only product. Date January 11...
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Hemming Company reported the following current-year purchases and sales for its only product. Date January 11 January 10 Activities Beginning inventory Units Acquired at Cost $13.80- Sales March 14. Purchase Sales March 151 July 30 October 5 October 26 Required: Hemming uses a perpetual inventory system. Purchase. Sales Purchase Totals Date January 11 January 10 Goods Purchased 295 units 480 units Complete this question by entering your answers in the tabs below. # of units 495 units 195 units 1,465 units Required 1 Required 2 Required 3 Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. Perpetual FIFO: Cost of Goods Sold Cost per unit 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. # of units sold @$18.80 - @$23.80 @$28.80- Cost per unit 240 at 18.80 Cost of Goods Sold $4,071 4.512.00 9,024 11,781 5,616 $ 30,492 # of units 295 at 480 at Units Sold at Retail 240 units 420 units 465 units 1,125 units Inventory Balance Cost per unit $ 13.80= $13.80 @$43.80 $43.80 @$43.80 Inventory Balance $ 4,071.00 $ 6.624.00 Require Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. Perpetual FIFO: Cost of Goods Sold Date January 1 January 10 March 14 Total March 141 March 15 Total March 15 July 30 Total July 30 October 5 Required 2 Required 3 Total October 5 October 26 Totals Goods Purchased # of units Cost per unit #of units sold Cost per unit Cost of Goods Sold 240 at $18.80 = $ 4,512.00 $ 4,512.00 # of units Inventory Balance Cost per unit $ 13.80 = $ 13.80 295 at 480 at Inventory Balance $ 4,071.00 $ 6,624.00 Required 1 Date Determine the costs assigned to ending inventory and to cost of goods sold using LIFO. Perpetual LIFO: Cost of Goods Sold Cost per unit January 1 January 10 March 14 Total March 14 March 15 Total March 15. July 30 Total July 30 *********** October 5 Total October 5 October 26 Totals Required 2 Required 3 Goods Purchased # of units Cost per unit # of units sold Cost of Goods Sold < Required 1 0.00 Q PRE # of units Inventory Balance Cost per unit Required 3 > < Prev Inventory Balance 5 of 10 Next > Date Activities. January 11 Beginning inventory January 10 March 14 March 15 July 30 October 5 October 26 Sales Purchase Sales Purchase Sales Purchase Totals Required: Hemming uses a perpetual inventory system. Required 1 Required 2 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. Complete this question by entering your answers in the tabs below. Required 3 Sales revenue Less Cost of goods sold Gross profit Units Acquired at Cost @ $13.80 $18.80 $23.80 @ $28.80 295 units 480 units 495 units 195 units. 1,465 units Compute the gross profit for FIFO method and LIFO method. FIFO < Required 2 LIFO $ 4,071 9,024 11,781 5,616 $30,492 Required 3 Units Sold at Retail 240 units. 420 units 465 units 1,125 units @$43.80 @$43.80 @$43.80 Hemming Company reported the following current-year purchases and sales for its only product. Date January 11 January 10 Activities Beginning inventory Units Acquired at Cost $13.80- Sales March 14. Purchase Sales March 151 July 30 October 5 October 26 Required: Hemming uses a perpetual inventory system. Purchase. Sales Purchase Totals Date January 11 January 10 Goods Purchased 295 units 480 units Complete this question by entering your answers in the tabs below. # of units 495 units 195 units 1,465 units Required 1 Required 2 Required 3 Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. Perpetual FIFO: Cost of Goods Sold Cost per unit 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. # of units sold @$18.80 - @$23.80 @$28.80- Cost per unit 240 at 18.80 Cost of Goods Sold $4,071 4.512.00 9,024 11,781 5,616 $ 30,492 # of units 295 at 480 at Units Sold at Retail 240 units 420 units 465 units 1,125 units Inventory Balance Cost per unit $ 13.80= $13.80 @$43.80 $43.80 @$43.80 Inventory Balance $ 4,071.00 $ 6.624.00 Require Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. Perpetual FIFO: Cost of Goods Sold Date January 1 January 10 March 14 Total March 141 March 15 Total March 15 July 30 Total July 30 October 5 Required 2 Required 3 Total October 5 October 26 Totals Goods Purchased # of units Cost per unit #of units sold Cost per unit Cost of Goods Sold 240 at $18.80 = $ 4,512.00 $ 4,512.00 # of units Inventory Balance Cost per unit $ 13.80 = $ 13.80 295 at 480 at Inventory Balance $ 4,071.00 $ 6,624.00 Required 1 Date Determine the costs assigned to ending inventory and to cost of goods sold using LIFO. Perpetual LIFO: Cost of Goods Sold Cost per unit January 1 January 10 March 14 Total March 14 March 15 Total March 15. July 30 Total July 30 *********** October 5 Total October 5 October 26 Totals Required 2 Required 3 Goods Purchased # of units Cost per unit # of units sold Cost of Goods Sold < Required 1 0.00 Q PRE # of units Inventory Balance Cost per unit Required 3 > < Prev Inventory Balance 5 of 10 Next > Date Activities. January 11 Beginning inventory January 10 March 14 March 15 July 30 October 5 October 26 Sales Purchase Sales Purchase Sales Purchase Totals Required: Hemming uses a perpetual inventory system. Required 1 Required 2 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. Complete this question by entering your answers in the tabs below. Required 3 Sales revenue Less Cost of goods sold Gross profit Units Acquired at Cost @ $13.80 $18.80 $23.80 @ $28.80 295 units 480 units 495 units 195 units. 1,465 units Compute the gross profit for FIFO method and LIFO method. FIFO < Required 2 LIFO $ 4,071 9,024 11,781 5,616 $30,492 Required 3 Units Sold at Retail 240 units. 420 units 465 units 1,125 units @$43.80 @$43.80 @$43.80
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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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