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calculate the following Required information Use the following information for the Exercises below. [The following information applies to the questions displayed below Hemming Co. reported
calculate the following
Required information Use the following information for the Exercises below. [The following information applies to the questions displayed below Hemming Co. reported the following current-year purchases and sales for its only product Activifies Units Sold at Retail 23 units $43.00 400 units $43.00 455 units $43.00 Date dan. 1 Beginning inventory an.10 Sales Units Acquired at Cost 275 units $13.00 $ 3,575 450 units@ $18.00&,180 475 units $23.00 10,925 Har 15 Sales duly 30 Purchase Oct. 5 Sales Oct.26 Purchase Total: 1,375 units $27,500 1,085 units ercise 6-8 Specific identification LO P1 quired Required information Required: units from the July 30 purchase, and all 175 units from the October 26 purchase. Using the specific identification met 2 Hemming uses a perpetual inventory system. Assume that ending inventory is made up of 45 units from the March 1e following a) Cost of Goods Sold using Specific Identification Available for Sale Cost of Goods Sold Ending Inventory Ending Units Unit Units Unit CostCOGSInventory Unit Cost Inventory S 000 5 000 S 0.00 s 000 Activity $ 000$ 5 000 s 000 5 000 275 Juy 30Purchase Oct 26 Purchase b) Gross Margin using Specific Identification
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