Answer Happy

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 Activities Units Acquired at Cost Units Sold at Retail January 1 Beginning Inventory 205 units e $10.20 - $ 2,091 January 10 Sales 160 units e 540.20 March 14 Purchase 300 units $15.20 4.560 March 15 Sales 250 units $40.20 July 30 Purchase 400 units $20.20 8,080 October 5 sales 375 units $48.20 October 26 Purchase 105 units 525.20 - 2,646 Totals 1,010 units $ 17,992 785 units Ending inventory consists of 45 units from the March 14 purchase, 75 units from the July 30 purchase, and all 105 units from the October 26 purchase. Using the specific identification method calculate the following Cost of Goods Sold of units Cost Per sold Unit COGS Ending Inventory Units Ending inventory Cost Per Unit Ending Inventory Cost Cost of Goods Sold using Specific Identification Available for Sale Date Cost Per Activity of units Unit January 1 Beginning inventory 205 $10.20 March 14 Purchase 300 July 30 Purchase 400 October 26 Purchase 105 1010 $ 2,091 0 1020 0.00 0 205 s 250 5 375 5 7855 1.615 $ $ 5 0 0 0.00 0.00 10.20$ 0.00 0.00 0.00 $ 5 0 0 2,091 $ 0 b) Gross Margin using Specific identification Less Equals