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accounting- pls help! type answer!!! Required information [The following information applies to the questions displayed below) Hemming Co. reported the following current-year purchases and sales
accounting- pls help! type answer!!!
Required information [The following information applies to the questions displayed below) Hemming Co. reported the following current-year purchases and sales for its only product. Date Activities Units Acquired at Cost Units Sold at Retail Jan. 1 Beginning inventory 295 units @ $13.80 = $ 4,071 Jan. 10 Sales 240 units @ $43.80 Mar.14 Purchase 480 units $18.80 - 9,024 Mar.15 Sales 420 units @ $43.80 July30 Purchase 495 units @ $23.80 = 11,781 Oct. 5 Sales 465 units @ $43.80 Oct.26 Purchase 195 units @ $28.80 = 5,616 Totals 1,465 units $30,492 1,125 units Required: Hemming uses a perpetual Inventory system. Assume that ending inventory is made up of 60 units from the March 14 purchase, 85 units from the July 30 purchase, and all 195 units from the October 26 purchase. Using the specific identification method, calculate the following Required: Hemming uses a perpetual inventory system. Assume that ending inventory is made up of 60 units from the March 14 purchase, 85 units from the July 30 purchase, and all 195 units from the October 26 purchase. Using the specific identification method, calculate the following Cost of Goods Sold Units Sold Unit Cost a) Cost of Goods Sold using Specific Identification Available for Sale Date Activity Units Unit Cost Jan. 1 Beginning Inventory 295 Mar. 14 Purchase 480 July 30 Purchase 495 Oct 26 Purchase 195 1,465 Ending Inventory Ending Ending Inventory Unit Cost Inventory Units Cost COGS b) Gross Margin using Specific Identification Less: Equals Step by Step Solution
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