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Sales Less: Sales returns and allowances Less: Sales discounts Net sales Cost of goods sold Gross profit Expenses Selling expenses Save-the-Earth Company Income Statement For Year Ended December 31 Rent expense-Office space Sales staff salaries expense Advertising expense Total selling expenses General and administrative expenses Office supplies expense Insurance expense Office salaries expense Net income Total general and administrative expenses Total expenses $ MILIT 450 950 3,500 4,500 900 900 3,000 4,000 S $ 60,000 1,400 58,600 13,000 45,600 8,900 7,900 16,800 28,800
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 January 1 January 10 March 14 March 15 July 30 October S October 26 Activities Beginning inventory Sales Purchase Sales Purchase Sales Purchase Totals Required: Hemming uses a perpetual Inventory system. Units Acquired at Cost $10.40. 210 units 310 units 410 units 110 units 1,040 units @$15.40- @$20.40 $25.40 $2,184 4,774 8,364 2,794 3 18,116 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. Units Sold at Retail 170 units 270 units 380 units 820 units @$40.40 e $40.40 9140.40
Required 1 Required 2 Required 3 Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. Perpetual FIFO Cost of Goods Sold January 1 January 10 March 14 Total March 14 March 15 Total March 15 July 30 Total July 30 October 5 Total October 5 October 26 Totals Goods Purchased @of units 310 at Cost per unit $15.40 #of units sold Cost per Cost of Goods Sold unit S 0.00 of units Inventory Balance Cost per unit $ 15.40 Inventory Balance
Determine the costs assigned to ending inventory and to cost of goods sold using LIFO. Perpetual LIFO Cost of Goods Sold Date January 1 January 10 March 14 Total March 14 March 15 Total March 15 July 30 Total July 30 October 5 Total October 5 October 20 Totals Goods Purchased # of units Cost per unit #of units sold Cost per unit Cost of Goods Sold $ 0.00 # of units Inventory Balance Cost per unit 20 Inventory Balance
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. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Compute the gross profit for FIFO method and LIFO method. FIFO Sales revenue Less: Cost of goods sold Gross profit < Required 2 LIFO