Required information [The following information applies to the questions displayed below.] Hemming Company reported the

[answerhappygod]

Required Information The Following Information Applies To The Questions Displayed Below Hemming Company Reported The 1 (85.52 KiB) Viewed 9 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. Date January 1 January 10 March 14 Purchase March 15 Sales July 30 Purchase October 5 Sales October 26 Activities Beginning inventory Sales Purchase Totals Required: Hemming uses a perpetual inventory system. Units Acquired at Cost 240 units @ $11.60 370 units 440 units 140 units 1,190 units @ $16.60 @ $21.60 @ $26.60 = $ 2,784 = = 6,142 9,504 3,724 $ 22,154 Units Sold at Retail 180 units 330 units 415 units 925 units 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. @ $41.60 @ $41.60 @ $41.60
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 Cost per unit 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 26 Totals Goods Purchased # of units Cost per unit 370 at $ 16.60 440 at $ 21.60 # of units sold 180 at Cost of Goods Sold at at at $11.60 = $ 60 at $ 11.60 270 at $ 16.60 = $ $ $ 11.60 = $ $ 16.60 = $21.60 = $ < Required 1 2,088.00 696.00 4,482.00 5,178.00 0.00 0.00 0.00 7,266.00 # of units Inventory Balance Cost per unit 240 at 60 at 60 at 370 at 100 at 0 at 100 at 440 at 540 at Inventory Balance $11.60 = $ 2,784.00 $11.60 = $ 696.00 $ 696.00 6,142.00 $6,838.00 $ 1,160.00 $ 11.60 = $16.60 = $11.60 $ 16.60 = $11.60 = $16.60 = $ 21.60 = at $ 11.60 at $16.60 at $ 21.60 Required 2 > $ 1,160.00 $1,160.00 7,304.00 11,664.00 $ 20,128.00
Required 1 Required 2 Required 3 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 26 Totals Goods Purchased # of units Cost per unit # of units sold Cost per unit Cost of Goods Sold $ < Required 1 0.00 Inventory Balance Cost per unit # of units Required 3 > Inventory Balance
Required 1 Required 2 Required 3 Compute the gross profit for FIFO method and LIFO method. Sales revenue Less: Cost of goods sold Gross profit FIFO < Required 2 LIFO Required 3 >