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 Units Acquired at Cost 265 units @ $12.60 = Units Sold at Retail $ 3,339 Sales 225 units @ $42.60 March 14 March 15 Purchase Sales 430 units @ $17.60 = 7,568 370 units @ $42.60 July 30 Purchase 465 units @ $22.60 = 10,509 October 5 Sales 440 units @$42.60 October 26 Purchase Totals 165 units 1,325 units @ $27.60 = 4,554 $ 25,970 1,035 units Required: Hemming uses a perpetual inventory system. 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 1 Required 2 Required 3 Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. Goods Purchased Date # of units Cost per unit # of units sold Perpetual FIFO Cost of Goods Sold Cost per unit Cost of Goods Sold # of units January 1 January 10 March 14 Total March 14 Inventory Balance Cost per unit Inventory Balance Required information [The following information applies to the questions displayed below.] Hemming Company reported the following current-year purchases and sales for its only product. Date January 1 January 10 Activities Beginning inventory Units Acquired at Cost 265 units @ $12.60 = Units Sold at Retail $ 3,339 Sales 225 units @ $42.60 March 14 March 15 Purchase Sales 430 units @ $17.60 = 7,568 370 units @ $42.60 July 30 Purchase 465 units @ $22.60 = 10,509 October 5 October 26 Sales Purchase Totals 440 units @ $42.60 165 units 1,325 units @ $27.60 = 4,554 $ 25,970 1,035 units Required: Hemming uses a perpetual inventory system. 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 1 Required 2 Required 3 Determine the costs assigned to ending Inventory and to cost of goods sold using LIFO. Goods Purchased Perpetual LIFO: Cost of Goods Sold Date # of units Cost per unit # of units sold Cost per unit Cost of Goods Sold Inventory Balance Cost # of units per Inventory Balance 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 1 0.00 Required 3 > < Prev 3 4 of 5 Next Required information [The following information applies to the questions displayed below.] Hemming Company reported the following current-year purchases and sales for its only product. Date January 1 January 10 Activities Beginning inventory Units Acquired at Cost 265 units @ $12.60 = Units Sold at Retail $ 3,339 Sales 225 units @ $42.60 July 30 October 5 March 14 March 15 Purchase Sales Purchase Sales 430 units @ $17.60 = 7,568 370 units @ $42.60 465 units @ $22.60 = 10,509 440 units @ $42.60 October 26 Purchase Totals 165 units 1,325 units @ $27.60 = 4,554 $ 25,970 1,035 units Required: Hemming uses a perpetual inventory system. 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 1 Required 2 Required 3 Compute the gross profit for FIFO method and LIFO method. Sales revenue Less: Cost of goods sold Gross profit FIFO LIFO < Required 2 Required 3 Required information [The following information applies to the questions displayed below.] Hemming Company reported the following current-year purchases and sales for its only product. Date January 1 January 10 Activities Beginning inventory Units Acquired at Cost 265 units @ $12.60 = Units Sold at Retail $ 3,339 Sales 225 units @ $42.60 July 30 October 5 October 26 Purchase Totals March 14 March 15 Purchase Sales Purchase Sales 430 units @ $17.60 = 7,568 370 units @ $42.60 465 units 165 units 1,325 units @ $22.60 = @ $27.60 = 10,509 440 units @ $42.60 4,554 $ 25,970 1,035 units Ending inventory consists of 55 units from the March 14 purchase, 70 units from the July 30 purchase, and all 165 units from the October 26 purchase. Using the specific identification method, calculate the following. a) Cost of Goods Sold using Specific Identification Available for Sale Cost of Goods Sold Ending Inventory Date Activity # of units Cost Per # of units Unit Cost Per COGS sold Unit Ending Inventory Units Cost Per Unit Ending Inventory Cost January 1 Beginning Inventory 265 $ 0.00 $ 0 $ 0.00 $ 0 March 14 Purchase 430 $ 0.00 0 $ 0.00 0 July 30 Purchase 465 $ 0.00 0 $ 0.00 0 October 26 Purchase 165 $ 0.00 0 $ 0.00 0 1,325 0 $ 0 0 $ 0 b) Gross Margin using Specific Identification Less: Equals: Hemming Company reported the following current-year purchases and sales for its only product. Date January 1 January 10 Activities Beginning inventory Units Acquired at Cost 265 units @ $12.60 = Units Sold at Retail $ 3,339 Sales 225 units @ $42.60 March 14 March 15 Purchase Sales 430 units @ $17.60 = 7,568 370 units @ $42.60 July 30 Purchase 465 units @ $22.60 = 10,509 October 5 Sales 440 units @$42.60 October 26 Purchase Totals 165 units 1,325 units @ $27.60 = 4,554 $ 25,970 1,035 units Required: Hemming uses a perpetual inventory system. 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 1 Required 2 Required 3 Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. Goods Purchased Date # of units Cost per unit # of units sold Perpetual FIFO Cost of Goods Sold Cost per unit Cost of Goods Sold # of units January 1 January 10 March 14 Total March 14 Inventory Balance Cost per unit Inventory Balance Required information [The following information applies to the questions displayed below.] Hemming Company reported the following current-year purchases and sales for its only product. Date January 1 January 10 Activities Beginning inventory Units Acquired at Cost 265 units @ $12.60 = Units Sold at Retail $ 3,339 Sales 225 units @ $42.60 March 14 March 15 Purchase Sales 430 units @ $17.60 = 7,568 370 units @ $42.60 July 30 Purchase 465 units @ $22.60 = 10,509 October 5 October 26 Sales Purchase Totals 440 units @ $42.60 165 units 1,325 units @ $27.60 = 4,554 $ 25,970 1,035 units Required: Hemming uses a perpetual inventory system. 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 1 Required 2 Required 3 Determine the costs assigned to ending Inventory and to cost of goods sold using LIFO. Goods Purchased Perpetual LIFO: Cost of Goods Sold Date # of units Cost per unit # of units sold Cost per unit Cost of Goods Sold Inventory Balance Cost # of units per Inventory Balance 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 1 0.00 Required 3 > < Prev 3 4 of 5 Next Required information [The following information applies to the questions displayed below.] Hemming Company reported the following current-year purchases and sales for its only product. Date January 1 January 10 Activities Beginning inventory Units Acquired at Cost 265 units @ $12.60 = Units Sold at Retail $ 3,339 Sales 225 units @ $42.60 July 30 October 5 March 14 March 15 Purchase Sales Purchase Sales 430 units @ $17.60 = 7,568 370 units @ $42.60 465 units @ $22.60 = 10,509 440 units @ $42.60 October 26 Purchase Totals 165 units 1,325 units @ $27.60 = 4,554 $ 25,970 1,035 units Required: Hemming uses a perpetual inventory system. 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 1 Required 2 Required 3 Compute the gross profit for FIFO method and LIFO method. Sales revenue Less: Cost of goods sold Gross profit FIFO LIFO < Required 2 Required 3 Required information [The following information applies to the questions displayed below.] Hemming Company reported the following current-year purchases and sales for its only product. Date January 1 January 10 Activities Beginning inventory Units Acquired at Cost 265 units @ $12.60 = Units Sold at Retail $ 3,339 Sales 225 units @ $42.60 July 30 October 5 October 26 Purchase Totals March 14 March 15 Purchase Sales Purchase Sales 430 units @ $17.60 = 7,568 370 units @ $42.60 465 units 165 units 1,325 units @ $22.60 = @ $27.60 = 10,509 440 units @ $42.60 4,554 $ 25,970 1,035 units Ending inventory consists of 55 units from the March 14 purchase, 70 units from the July 30 purchase, and all 165 units from the October 26 purchase. Using the specific identification method, calculate the following. a) Cost of Goods Sold using Specific Identification Available for Sale Cost of Goods Sold Ending Inventory Date Activity # of units Cost Per # of units Unit Cost Per COGS sold Unit Ending Inventory Units Cost Per Unit Ending Inventory Cost January 1 Beginning Inventory 265 $ 0.00 $ 0 $ 0.00 $ 0 March 14 Purchase 430 $ 0.00 0 $ 0.00 0 July 30 Purchase 465 $ 0.00 0 $ 0.00 0 October 26 Purchase 165 $ 0.00 0 $ 0.00 0 1,325 0 $ 0 0 $ 0 b) Gross Margin using Specific Identification Less: Equals:
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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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