Hemming Company reported the following current-year purchases and sales for its only product. Date January 1...

 

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Hemming Company reported the following current-year purchases and sales for its only product. Date January 1 January 10 Activities Beginning inventory Sales March 14 Purchase March 15 Sales July 30 October 5 Purchase Sales October 26 Purchase Totals Units Acquired at Cost Units Sold at Retail 210 units @ $10.40 $ 2,184 170 units @ $40.40 310 units @ $15.40 = 4,774 270 units @ $40.40 410 units @ $20.40 = 8,364 380 units @ $40.40 110 units 1,040 units @ $25.40 = 2,794 $ 18,116 820 units Exercise 6-10A (Algo) Periodic: Inventory costing LO P3 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. 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 c) Gross profit Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory # of units Cost per unit Cost of Goods Available for Sale # of units sold Cost per unit Cost of Goods Sold # of units in ending inventory Cost per unit Ending 0 0 $ 0 0 $ Cost of Goods Available for Sale Cost of Goods Sold # of units Cost per unit Cost of Goods Available for Sale # of units sold Cost per unit Cost of Goods Sold FIFO LIFO Ending Inventory # of units in ending Cost per unit inventory $ 0 0 $ 0 0 Ending I Hemming Company reported the following current-year purchases and sales for its only product. Date January 1 January 10 Activities Beginning inventory Sales March 14 Purchase March 15 Sales July 30 October 5 Purchase Sales October 26 Purchase Totals Units Acquired at Cost Units Sold at Retail 210 units @ $10.40 $ 2,184 170 units @ $40.40 310 units @ $15.40 = 4,774 270 units @ $40.40 410 units @ $20.40 = 8,364 380 units @ $40.40 110 units 1,040 units @ $25.40 = 2,794 $ 18,116 820 units Exercise 6-10A (Algo) Periodic: Inventory costing LO P3 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. 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 c) Gross profit Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory # of units Cost per unit Cost of Goods Available for Sale # of units sold Cost per unit Cost of Goods Sold # of units in ending inventory Cost per unit Ending 0 0 $ 0 0 $ Cost of Goods Available for Sale Cost of Goods Sold # of units Cost per unit Cost of Goods Available for Sale # of units sold Cost per unit Cost of Goods Sold FIFO LIFO Ending Inventory # of units in ending Cost per unit inventory $ 0 0 $ 0 0 Ending I

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