Question
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
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 | 300 | units | @ $14.00 | = | $ | 4,200 | ||||||||
| Jan. | 10 | Sales | 250 | units | @ $44.00 | |||||||||||
| Mar. | 14 | Purchase | 520 | units | @ $19.00 | = | 9,880 | |||||||||
| Mar. | 15 | Sales | 460 | units | @ $44.00 | |||||||||||
| July | 30 | Purchase | 500 | units | @ $24.00 | = | 12,000 | |||||||||
| Oct. | 5 | Sales | 480 | units | @ $44.00 | |||||||||||
| Oct. | 26 | Purchase | 200 | units | @ $29.00 | = | 5,800 | |||||||||
| Totals | 1,520 | units | $ | 31,880 | 1,190 | units | ||||||||||
Required: Hemming uses a perpetual inventory system. Assume that ending inventory is made up of 50 units from the March 14 purchase, 80 units from the July 30 purchase, and all 200 units from the October 26 purchase. Using the specific identification method, calculate the following.
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Portfolio Of Marketing Audits Company Self Assessment Audits
Authors: David Crosby
1st Edition
1902433157, 978-1902433158
