! Required information Use the following information for the Exercises 8-10 below. (Algo) [The following information...
Fantastic news! We've Found the answer you've been seeking!
Question:
![image text in transcribed](https://s3.amazonaws.com/si.experts.images/answers/2024/05/6648d5302b84c_1996648d52f785a2.jpg)
![image text in transcribed](https://s3.amazonaws.com/si.experts.images/answers/2024/05/6648d5312abd7_2006648d53079ae0.jpg)
Transcribed Image Text:
! Required information Use the following information for the Exercises 8-10 below. (Algo) [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 March 14 March 15 July 30 October 5 October 26 Sales Purchase Sales Purchase Activities Beginning inventory Units Acquired at Cost 250 units @ $12.00 = Units Sold at Retail $ 3,000 200 units @ $42.00 400 units @ $17.00 = 6,800 360 units @ $42.00 450 units Sales Purchase Totals 150 units 1,250 units @ $22.00 = @ $27.00 = 9,900 420 units @ $42.00 4,050 $ 23,750 980 units Exercise 6-9 (Algo) Specific identification LO P1 Ending inventory consists of 45 units from the March 14 purchase, 75 units from the July 30 purchase, and all 150 units from the October 26 purchase. Using the specific identification method, calculate the following. Exercise 6-9 (Algo) Specific identification LO P1 Ending inventory consists of 45 units from the March 14 purchase, 75 units from the July 30 purchase, and all 150 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 Date Activity January 1 Beginning Inventory March 14 Purchase July 30 Purchase October 26 Purchase b) Gross Margin using Specific Identification Less: Equals: Cost of Goods Sold Ending Inventory # of units Cost Per Unit # of units sold Cost Per Unit Cost of Goods Sold Ending Inventory Units Cost Per Unit Ending Inventory Cost 250 400 450 150 1,250 ! Required information Use the following information for the Exercises 8-10 below. (Algo) [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 March 14 March 15 July 30 October 5 October 26 Sales Purchase Sales Purchase Activities Beginning inventory Units Acquired at Cost 250 units @ $12.00 = Units Sold at Retail $ 3,000 200 units @ $42.00 400 units @ $17.00 = 6,800 360 units @ $42.00 450 units Sales Purchase Totals 150 units 1,250 units @ $22.00 = @ $27.00 = 9,900 420 units @ $42.00 4,050 $ 23,750 980 units Exercise 6-9 (Algo) Specific identification LO P1 Ending inventory consists of 45 units from the March 14 purchase, 75 units from the July 30 purchase, and all 150 units from the October 26 purchase. Using the specific identification method, calculate the following. Exercise 6-9 (Algo) Specific identification LO P1 Ending inventory consists of 45 units from the March 14 purchase, 75 units from the July 30 purchase, and all 150 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 Date Activity January 1 Beginning Inventory March 14 Purchase July 30 Purchase October 26 Purchase b) Gross Margin using Specific Identification Less: Equals: Cost of Goods Sold Ending Inventory # of units Cost Per Unit # of units sold Cost Per Unit Cost of Goods Sold Ending Inventory Units Cost Per Unit Ending Inventory Cost 250 400 450 150 1,250
Expert Answer:
Posted Date:
Students also viewed these accounting questions
-
In Exercises 8385, use a graphing utility to graph each circle whose equation is given. Use a square setting for the viewing window. x + 10x + y - 4y - 20 = 0
-
For its fiscal year ending October 31, 2014, Douglas Corporation reports the following partial data shown below. Income before income taxes .........$550,000 Income tax expense (30% $410,000)...
-
Suppose college graduates earn $25 an hour and high school graduates earn $15 an hour. Suppose too that the marginal product of college graduates at Johnson Tools is five hammers per hour, while the...
-
Where do the following accounts (and their balances) appear in the balance sheet? a. Dividends Payable-Common Stock b. Stock Dividend Distributable
-
1. What directions of strategic development have been followed by Virgin over the period of the case (use Figure 8.2 as a guide)? 2. Which type of corporate parenting role (as per Figure 8.5) best...
-
I've always envied people who can graciously accept constructive criticism. It seems I was not born with that trait, and throughout my career I've struggled with receiving feedback, even when it was...
-
Vdc R Vc Write a program that calculates the capacitor voltage after the switch is closed. The capac- itor is initially uncharged. Perform the simulation for a duration of five seconds. Use Voc= 0.5...
-
Mamala Berhad has the following information for the current year: Net income = RM900; Net operating profit after taxes (NOPAT) = RM600; Total assets = RM2,500; Short-term investments = RM500;...
-
What does the labor rate variance measure? What does the labor efficiency variance measure?
-
Briefly explain the history of the social movement. What ethical problem are activists hoping to solve? What is their ethical motivation for joining together to elicit social change? Include at least...
-
A construction company spends $2.5 million to purchase a new crane. The crane will have a capital cost allowance (CCA) rate of 40%. If the opportunity cost of capital is 11%, and the company's...
-
Which perpetuity has a higher rate of return? explain why. Perpetuity A: $10,000 perpetuity that pays $500 per year Perpetuity B: $40,000 perpetuity that pays $1,500 per year
-
Ilka invests $90,000 in the PTO American Growth Segregated Fund with a maturity guarantee of 75%. PTO Insurance Company becomes insolvent and Ilka makes a claim for investor protection coverage. What...
-
On January 2, 20X3, Sheldon Bass, a professional engineer, moved from Calgary to Edmonton to commence employment with Acco Ltd., a large public corporation. Because of his new employment contract,...
-
A cost sheet and partial finished goods ledger card for Leather Originals, a manufacturer of leather furniture, are provided in the Working Papers. Work independently to complete the following...
-
Krasnoy Tire, a maker of tires for cars, trucks, and tractors, is trying to determine how to account for various factory costs. The costs include the following: a. Wages earned by a factory...
-
Wilmington, Inc., manufactures heating systems. The company maintains a materials ledger for all direct materials. Instructions: 1. Prepare a materials ledger card for T-5 thermostats. The thermostat...
![Mobile App Logo](https://dsd5zvtm8ll6.cloudfront.net/includes/images/mobile/finalLogo.png)
Study smarter with the SolutionInn App