Hemming Company reported the following current-year purchases and sales for its only product. Activities Beginning inventory...

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Hemming Company reported the following current-year purchases and sales for its only product. Activities Beginning inventory sales Purchase Sales Purchase Sales Purchase Totals Date January 1 January 10 March 14 March 15 July 30 October 5 October 26 Units Acquired at Cost @$10 @$15 @$20 @ $25 200 units 350 units 450 units 100 units 1,100 units $2,000 5,250 9,000 2,500 $18,750 Hemming uses a periodic inventory system. (e) 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. Units sold at Retail 150 units 300 units 430 units 880 units @$40 @$40 @$40 Hemming Company reported the following current-year purchases and sales for its only product. Activities Beginning inventory sales Purchase Sales Purchase Sales Purchase Totals Date January 1 January 10 March 14 March 15 July 30 October 5 October 26 Units Acquired at Cost @$10 @$15 @$20 @ $25 200 units 350 units 450 units 100 units 1,100 units $2,000 5,250 9,000 2,500 $18,750 Hemming uses a periodic inventory system. (e) 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. Units sold at Retail 150 units 300 units 430 units 880 units @$40 @$40 @$40

Answer rating: 100% (QA)

a Using FIFO FirstIn FirstOut method Beginning Inventory 200 units at cost 200 units 10 2000 Purchas... View the full answer