Question: Please fill in the values for the blue bordered boxes, thanks. 4 ! Required Information [The following information applies to the questions displayed below.] Part
Please fill in the values for the blue bordered boxes, thanks.
4 ! Required Information [The following information applies to the questions displayed below.] Part 1 of 2 Hemming Co. reported the following current-year purchases and sales for Its only product. 2.85 Activities Units Acquired at Cost 260 units @ $12.40 Units Sold at Retail Date Jan. 1 Beginning inventory points - $ 3,224 215 units @$42.40 Jan. 10 Sales 420 units $17.40 Mar.14 Purchase 7,308 380 units $42.40 Mar. 15 Sales 460 units $22.40 10,304 July 30 Purchase 425 units $42.40 Oct. 5 Sales ook 160 units@ $27.40 1,300 units 4,384 Oct. 26 Purchase = $25,220 1,020 units Totals Hint Required: Hemming uses a perpetual inventory system. Assume that ending inventory is made up of 45 units from the March 14 purchase, 75 units from the July 30 purchase, and all 160 units from the October 26 purchase. Using the specific identification method, calculate the following. Print References a) Cost of Goods Sold using Specific Identification Cost of Goods Sold Available for Sale Ending Inventory Ending Inventory Unit Cost Ending Inventory Cost Unit Units COGS Date Activity Units Unit Cost Cost Sold Units S 0.00 Beginning Inventory Jan. 1 260 0 0.00 0 420 Mar. 14 Purchase $ 0.00 0 0.00 0 July 30 Purchase 0.00 460 0 0.00 0 Purchase Oct. 26 160 0.00 0 0.00 0 1,300 0 0 0 0 b) Gross Margin using Specific Identification Less: Equals
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