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i am not missing anything. I posted the whole question Required information [The following information applies to the questions displayed below.] Hemming Company reported the
i am not missing anything. I posted the whole question
Required information [The following information applies to the questions displayed below.] Hemming Company reported the following current-year purchases and sales for its only product. a) Cost of Goods Sold using Specifie Identification \begin{tabular}{|c|c|c|c|c|c|c|c|c|c|} \hline \multirow[b]{2}{*}{ Date } & \multicolumn{3}{|c|}{ Avaliable for Sale } & \multicolumn{3}{|c|}{ Cost of Goods Sold } & \multicolumn{3}{|c|}{ Ending linventory } \\ \hline & Activity & \# of units & CostPorUnit & #ofunitssold & CostPerUnit & CostofCoodsSold & EndingInventoryUnits & Cost Per Unit & EndingInventoryCoet \\ \hline January 1 & Beginning Inventory & 230 & & & & & & & \\ \hline March 14 & Purchase & 350 & & & & & & & \\ \hline July 30 & Purchase & 430 & & & & & 8 & & \\ \hline October 26 & Purchaso & 130 & & & & & & & 2 \\ \hline & & 1,140 & & & & & & & \\ \hline \end{tabular} b) Gross Margin using Specific identification \begin{tabular}{|l|l|l|} \hline & & \\ \hline Less: & & \\ \hline Equals: & & \\ \hline \end{tabular} Hemming uses a periodic inventory system. (a) Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. (b) Determine the costs assigned to ending inventory and to cost of goods sold using LIFO. (c) Compute the gross profit for each method. a) Periedic FIFO \begin{tabular}{|c|c|c|c|c|c|c|c|c|c|} \hline & \multicolumn{3}{|c|}{ Cost of Coode Available for Sole } & \multicolumn{3}{|c|}{ Cost of Goods sola } & \multicolumn{3}{|c|}{ Ensing Invantery } \\ \hline & of units & Cost per unit & CostofGoodsAvaliableforSsile & If of units sold & Cost per unit & CostofGoodsSold & -ofUnitsinendingInveretory & Cost per unit & Ending! \\ \hline \multicolumn{10}{|c|}{ Bepinning inventory } \\ \hline \multicolumn{10}{|l|}{ Purchasen: } \\ \hline \multicolumn{10}{|l|}{ March 14} \\ \hline July 30 & & & + & & & & & & \\ \hline October 26 & + & & & & & & & & \\ \hline Total & & & & & & & & & \\ \hline \end{tabular} b) Periadie LIFO \begin{tabular}{|c|c|c|c|c|c|c|c|c|c|} \hline \multicolumn{10}{|l|}{ b) Periodic LIFO } \\ \hline & \multicolumn{3}{|c|}{ Cost of Goods Avaliable for Sale } & \multicolumn{3}{|c|}{ Cost of Coods 5old } & \multicolumn{3}{|c|}{ Ending inrentory } \\ \hline & \#of units & Cost per unit & CostofGoodsAvallableforSale & \# of units sold & Cost per unt & CostofGoodsSold & IfofunitsinendingInveotory & Cost per unit & Ending ! \\ \hline Beginning imventory & z & + & +n & & - & Z & z2 & & \\ \hline Purchases: & & & & & & A & & & \\ \hline March 14 & & & & & & & & & \\ \hline July 30 & - & & & & & & & & \\ \hline October 26 & & & & +2 & & & & 4 & - \\ \hline Total & & & 2 & & & ' & & & \\ \hline \end{tabular} c) Gross profit \begin{tabular}{|l|l|l|} \hline & FIFO & LIFO \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline \end{tabular} Step by Step Solution
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