Required Information Use The Following Information For The Exercises 8 10 Below Algo The Following Information Appli 1 (31.7 KiB) Viewed 73 times
Required Information Use The Following Information For The Exercises 8 10 Below Algo The Following Information Appli 2 (38.83 KiB) Viewed 73 times
Required information Use the following information for the Exercises 8-10 below. (Algo) [The following information applies to the questions displayed below] Hemming Co. reported the following current-year purchases and sales for its only product. Date Activities Units Sold at Retail Jan. 1 Beginning inventory Jan. 10 Sales Units Acquired at Cost 285 units $13.40-$3,019 Mar. 14 Purchase Mar. 15 Sales 470 units 485 units 250 units $43.40 400 units $43.40 460 units $43.40 $18.40 - 8,648 $23.40 11,349 $28.40- 53254 $29,070 1,110 units July 30 Purchase Oct. 5 Sales Oct. 26 Purchase 185 units 1,425 units Totals Exercise 5-8 (Algo) Periodic: Inventory costing methods-FIFO and LIFO LO P1 Required: 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 per unit Cost of Goods Available for Sale #of units of units Cost pe unit 0 FIFO LIFO Cost of Goods Available for Sale Cost of Goods Available for Sale $ Cost of Goods Sold Cost of Goods Sold S Cost of Goods Sold # of units sold Cost per unit of units sold Cost per unit Cost of Goods Sold $ Ending Inventory #of units in ending Cost per unit Inventory Ending Inventory #of units in ending Cost per unit inventory Ending Ending! 5
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