Hemming Company reported the following current-year purchases and sales for its only product. Date January 11...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Hemming Company reported the following current-year purchases and sales for its only product. Date January 11 January 10 Activities Beginning inventory Units Acquired at Cost $13.80- Sales March 14. Purchase Sales March 151 July 30 October 5 October 26 Required: Hemming uses a perpetual inventory system. Purchase. Sales Purchase Totals Date January 11 January 10 Goods Purchased 295 units 480 units Complete this question by entering your answers in the tabs below. # of units 495 units 195 units 1,465 units 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 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. # of units sold @$18.80 - @$23.80 @$28.80- Cost per unit 240 at 18.80 Cost of Goods Sold $4,071 4.512.00 9,024 11,781 5,616 $ 30,492 # of units 295 at 480 at Units Sold at Retail 240 units 420 units 465 units 1,125 units Inventory Balance Cost per unit $ 13.80= $13.80 @$43.80 $43.80 @$43.80 Inventory Balance $ 4,071.00 $ 6.624.00 Require Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. Perpetual FIFO: Cost of Goods Sold Date January 1 January 10 March 14 Total March 141 March 15 Total March 15 July 30 Total July 30 October 5 Required 2 Required 3 Total October 5 October 26 Totals Goods Purchased # of units Cost per unit #of units sold Cost per unit Cost of Goods Sold 240 at $18.80 = $ 4,512.00 $ 4,512.00 # of units Inventory Balance Cost per unit $ 13.80 = $ 13.80 295 at 480 at Inventory Balance $ 4,071.00 $ 6,624.00 Required 1 Date Determine the costs assigned to ending inventory and to cost of goods sold using LIFO. Perpetual LIFO: Cost of Goods Sold Cost per unit 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 Required 2 Required 3 Goods Purchased # of units Cost per unit # of units sold Cost of Goods Sold < Required 1 0.00 Q PRE # of units Inventory Balance Cost per unit Required 3 > < Prev Inventory Balance 5 of 10 Next > Date Activities. January 11 Beginning inventory January 10 March 14 March 15 July 30 October 5 October 26 Sales Purchase Sales Purchase Sales Purchase Totals Required: Hemming uses a perpetual inventory system. Required 1 Required 2 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 3 Sales revenue Less Cost of goods sold Gross profit Units Acquired at Cost @ $13.80 $18.80 $23.80 @ $28.80 295 units 480 units 495 units 195 units. 1,465 units Compute the gross profit for FIFO method and LIFO method. FIFO < Required 2 LIFO $ 4,071 9,024 11,781 5,616 $30,492 Required 3 Units Sold at Retail 240 units. 420 units 465 units 1,125 units @$43.80 @$43.80 @$43.80 Hemming Company reported the following current-year purchases and sales for its only product. Date January 11 January 10 Activities Beginning inventory Units Acquired at Cost $13.80- Sales March 14. Purchase Sales March 151 July 30 October 5 October 26 Required: Hemming uses a perpetual inventory system. Purchase. Sales Purchase Totals Date January 11 January 10 Goods Purchased 295 units 480 units Complete this question by entering your answers in the tabs below. # of units 495 units 195 units 1,465 units 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 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. # of units sold @$18.80 - @$23.80 @$28.80- Cost per unit 240 at 18.80 Cost of Goods Sold $4,071 4.512.00 9,024 11,781 5,616 $ 30,492 # of units 295 at 480 at Units Sold at Retail 240 units 420 units 465 units 1,125 units Inventory Balance Cost per unit $ 13.80= $13.80 @$43.80 $43.80 @$43.80 Inventory Balance $ 4,071.00 $ 6.624.00 Require Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. Perpetual FIFO: Cost of Goods Sold Date January 1 January 10 March 14 Total March 141 March 15 Total March 15 July 30 Total July 30 October 5 Required 2 Required 3 Total October 5 October 26 Totals Goods Purchased # of units Cost per unit #of units sold Cost per unit Cost of Goods Sold 240 at $18.80 = $ 4,512.00 $ 4,512.00 # of units Inventory Balance Cost per unit $ 13.80 = $ 13.80 295 at 480 at Inventory Balance $ 4,071.00 $ 6,624.00 Required 1 Date Determine the costs assigned to ending inventory and to cost of goods sold using LIFO. Perpetual LIFO: Cost of Goods Sold Cost per unit 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 Required 2 Required 3 Goods Purchased # of units Cost per unit # of units sold Cost of Goods Sold < Required 1 0.00 Q PRE # of units Inventory Balance Cost per unit Required 3 > < Prev Inventory Balance 5 of 10 Next > Date Activities. January 11 Beginning inventory January 10 March 14 March 15 July 30 October 5 October 26 Sales Purchase Sales Purchase Sales Purchase Totals Required: Hemming uses a perpetual inventory system. Required 1 Required 2 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 3 Sales revenue Less Cost of goods sold Gross profit Units Acquired at Cost @ $13.80 $18.80 $23.80 @ $28.80 295 units 480 units 495 units 195 units. 1,465 units Compute the gross profit for FIFO method and LIFO method. FIFO < Required 2 LIFO $ 4,071 9,024 11,781 5,616 $30,492 Required 3 Units Sold at Retail 240 units. 420 units 465 units 1,125 units @$43.80 @$43.80 @$43.80
Expert Answer:
Answer rating: 100% (QA)
To determine the costs assigned to ending inventory and cost of goods sold using FIFO and LIFO we ne... View the full answer
Related Book For
Fundamental accounting principle
ISBN: 978-0078025587
21st edition
Authors: John J. Wild, Ken W. Shaw, Barbara Chiappetta
Posted Date:
Students also viewed these accounting questions
-
Refer to the information in Exercise 6-8 and assume the periodic inventory system is used. Determine the costs assigned to ending inventory and to cost of goods sold using (a) FIFO and (b) LIFO. (c)...
-
On a summer day at Muscat area, the typical average outdoor temperature is 35 degrees Celsius. For the indoor temperature of a house to be kept constant a temperature of 24 degrees Celsius, the rate...
-
The following model is a representation of acetaminophen, a pain reliever sold in drugstores as Tylenol. Identify the hydribization of each carbon atom in acetaminophen, and tell which atoms have...
-
Im on the board of directors of the B. Phillips Corporation, and the company has announced its plan to pay dividends of \($550,000\). Presently, there are 275,000 shares outstanding, and the earnings...
-
What is the relationship between asset turnover, return on assets, and return on sales?
-
On the basis of your experience and the description of Thriftys operations, describe the five essential features of the queuing systems at the customer counter, the garage, and the car wash.
-
Assume that Social Security promises you $49,000 per year starting when you retire 45 years from today(the first $49,000 will get paid 45 years fromnow). If your discount rate is 4%,...
-
The following is Wolastoq Tours Limited's unadjusted trial balance at its year end, November 30, 2018. The company adjusts its accounts annually. Additional information: 1. The insurance policy has a...
-
Students are asked to select an annual report for the year ended 30 June 2023, for an Australian listed company. Student must provide the name of the company as soon as possible to their lecturer to...
-
True or False. A limit cycle denotes a steady-state periodic oscillation.
-
True or False. Time does not appear explicitly in a trajectory plotted in the phase plane.
-
True or False. An isocline is the locus of points at which the trajectories passing through them have a constant slope.
-
How did the COVID-19 crisis affect you personally? In the United States, the effects of COVID-19 exposed racial and ethnic inequalities and, in some cases, exacerbated tensions. In the spring of...
-
True or False. The voltage output of an electromagnetic transducer is proportional to the relative velocity of the coil.
-
From the below article answer the following questions What topics of consumer behavior stood out to y and why? Clear and concise discussion of which topics of CB stood out to y and why. Be specific....
-
Find the radius of convergence in two ways: (a) Directly by the CauchyHadamard formula in Sec. 15.2. (b) From a series of simpler terms by using Theorem 3 or Theorem 4.
-
Use the following information to determine this companys cash flows from operating activities using the indirectmethod. MOSS COMPANY Income Statement For Year Ended December 31,2013 MOSS COMPANY...
-
For each of these five separate cases, identify the principle( s) of internal control that is violated. Recommend what the business should do to ensure adherence to principles of internal control. 1....
-
On January 2, 2013, the Cerritos Band acquires sound equipment for concert performances at a cost of $ 65,800. The band estimates it will use this equipment for four years, during which time it...
-
Use the Peclet number [Eq. (16-111a)] to determine which model (completely mixed or plug flow) is appropriate for the distillation column calculation at \(\mathrm{x}_{\mathrm{W}}=0.48\) in Problems...
-
The value of \(\mathrm{E}_{\mathrm{MD}}=0.927\) in Example 16-5 is lower than the 0.95 value your supervisor expects. You are tasked to see if the current mixer with the current feed rate can be...
-
Which activity is part of the sales order entry process? a. setting customer credit limits b. preparing a bill of lading c. checking customer credit d. approving sales returns
Study smarter with the SolutionInn App