[The following information applies to the questions displayed below.] Hemming Company reported the following current-year purchases...
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[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 101 March 14 March 15 July 30 October 5 October 26 Activities Beginning inventory Sales Purchase Sales Purchase Sales Purchase Totals Units Acquired at Cost @ $13.00- @$18.00- @$23.00 @ $28.00 275 units 450 units 475 units 175 units 1,375 units . $ 3,575 8,100 10,925 4,900 $ 27,500 Units Sold at Retail 230 units 400 units 455 units 1,085 units @ $43.00 @$43.00 $43.00 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 [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 101 March 14 March 15 July 30 October 5 October 26 Activities Beginning inventory Sales Purchase Sales Purchase Sales Purchase Totals Units Acquired at Cost @ $13.00- @$18.00- @$23.00 @ $28.00 275 units 450 units 475 units 175 units 1,375 units . $ 3,575 8,100 10,925 4,900 $ 27,500 Units Sold at Retail 230 units 400 units 455 units 1,085 units @ $43.00 @$43.00 $43.00 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
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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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