Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

answer all 3 req for a like! thank you! ! Required information [The following information applies to the questions displayed below.) Hemming Co, reported the

answer all 3 req for a like! thank you!
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
! 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. Units sold at Retail Units Acquired at Cost 285 units $13.40 - $ 3,819 ok 250 units $43.40 470 units $18.40 - 8,648 Date Activities Jan. 1 Beginning inventory Jan.10 Sales Mar.14 Purchase Mar.15 Sales July 30 Purchase Oct. 5 Sales Oct. 26 Purchase Totals 400 units $43.40 485 units # $23.40 = 11,349 460 units $43.40 185 units @ $28.40 1.425 units 5,254 $29.070 int 1, 110 units rences Required: Hemming uses a perpetual inventory system. 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 margin for FIFO method and LIFO method. Complete this questions by entering your answers in the below tabs. Required 1 Required 2 Required Complete this questions by entering your answers in the below tabs. Required 1 Required 2 Required 3 Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. Perpetual FIFO: Goods Purchased Cost of Goods Sold Inventory Balance Date # of Cost per of units Cost per Cost of Goods Cost per units Inventory of units unit sold unit Sold unit Balanco January 1 285 S 13.40 = $ 3,819.00 January 10 March 14 March 15 July 30 October 5 October 26 Totals $ 0.00 Required 2 > en the FAAR RIHAR Required information Required 1 Required 2 Required 3 Determine the costs assigned to ending Inventory and to cost of goods sold using LIFO Perpetual LIFO: Goods Purchased # of units unit Cost per Cost of Goods Sold # of units Cost per Cost of Goods sold unit Sold Dato Inventory Balance Cost per of units Inventory unit Balance 285 $13.40 = $ 3,819.00 January 1 January 10 March 14 March 15 July 30 October 5 October 26 Totals $ 0.00 Required 1 Required 2 Required 3 Compute the gross margin for FIFO method and LIFO method. FIFO: LIFO: Sales revenue Less: Cout of goods sold Gross margin

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

More Books

Students also viewed these Accounting questions

Question

3. Why are the elderly often victims of identity theft?

Answered: 1 week ago