Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Can you check my work and provide an answer? Use the following information for the Exercises below. [The following information applies to the questions displayed
Can you check my work and provide an answer?
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. Date Activities Units Acquired at Cost Units Sold at Retail Jan. 1 Beginning inventory 215 units @ $18.68 = $ 2,279 Jan. 10 Sales 180 units @ $40.60 Mar.14 Purchase 320 units @ $15.60 4,992 Mar.15 Sales 260 units @ $48.50 July 30 Purchase 415 units @ $20.60 8,549 Oct. 5 Sales 400 units @ $48.68 Oct. 26 Purchase 115 units @ $25.69 2,944 Totals 1,065 units $18,764 840 units Exercise 6-8 Specific Identification LO P1 Required: Hemming uses a perpetual inventory system. Assume that ending inventory is made up of 40 units from the March 14 purchase, 70 units from the July 30 purchase, and all 115 units from the October 26 purchase. Using the specific identification method, calculate the following. a) Cost of Goods Sold using Specific Identification Available for Sale Date Activity Units Unit Cost 215 Jan. 1 Mar. 14 July 30 Oct. 26 Beginning Inventory Purchase Purchase Purchase Cost of Goods Sold Ending Inventory Units Ending Ending Sold Unit Cost COGS Inventory Unit Cost Inventory Units Cost S 0.00 S 0 S 0.00 S S 0.00 0 S 0.00 S 0.00 0 S 0.00 S 0.00 0 S 0.00 0 S 0 0 S 0 320 415 OOOOO 115 1,065 b) Gross Margin using Specific Identification Less: Equals
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started