Please help fill in the blanks with the blue arrows for parts a, b, and c Thanks!
Posted: Sun Jul 03, 2022 1:15 pm
Please help fill in the blanks with the blue arrows for parts a, b, and c
Thanks!
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. Activities Beginning inventory Sales Purchase Sales Purchase Sales Purchase Totals Date January 1 January 10 March 14 March 15 July 30 October 5 October 26 Periodic FIFO Beginning inventory Purchases March 14 July 30 October 20 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. Units Acquired at Cost @$10.40 @$15.40 $20.40- 9 $25.40 of units 210 units 310 units 410 units Cost per unit 110 units 1,040 units Cost of Goods Available for Sale $2,184 4,774 8,364 2,794 $ 18,116 Cost of Goods Available for Sale Uits Sold at Retail 170 units 270 units #of units sold Cost per unit 380 units 820 units Cost of Goods Sold @$40.40 140.40 #540.40 Cost of Goods Sold Ending Inventory of units in ending Cost per unit inventory Ending Inventory
Beginning inventory Purchases March 14 July 30 October 20 Total Oress profit Cost of Goods Available for Sale Fof units TIFO Cost per unit LIFO Cost of Goods Available for Sale 3 Cest of Goods Sold # of units sold Cost per unit Cost of Goods Sold Ending Inventory of units in ending Cost per unit inventory Ending Inventory
- Please Help Fill In The Blanks With The Blue Arrows For Parts A B And C Thanks 1 (24.87 KiB) Viewed 11 times
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. Activities Beginning inventory Sales Purchase Sales Purchase Sales Purchase Totals Date January 1 January 10 March 14 March 15 July 30 October 5 October 26 Periodic FIFO Beginning inventory Purchases March 14 July 30 October 20 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. Units Acquired at Cost @$10.40 @$15.40 $20.40- 9 $25.40 of units 210 units 310 units 410 units Cost per unit 110 units 1,040 units Cost of Goods Available for Sale $2,184 4,774 8,364 2,794 $ 18,116 Cost of Goods Available for Sale Uits Sold at Retail 170 units 270 units #of units sold Cost per unit 380 units 820 units Cost of Goods Sold @$40.40 140.40 #540.40 Cost of Goods Sold Ending Inventory of units in ending Cost per unit inventory Ending Inventory
Beginning inventory Purchases March 14 July 30 October 20 Total Oress profit Cost of Goods Available for Sale Fof units TIFO Cost per unit LIFO Cost of Goods Available for Sale 3 Cest of Goods Sold # of units sold Cost per unit Cost of Goods Sold Ending Inventory of units in ending Cost per unit inventory Ending Inventory