McGrawl Ex Questions - Choux Mall - Cameron MX X ACC 2001.CO X Lunch Meeting 20 x New Tab omheducation.com/index..con concernal browser/aunchurahttp%253A%252F%252Fnewconnect.meducation.com/252/CE Talking Save Che 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 Det Activities Units logged a cont Unata fold at Natal Jant Beginning inventory 250 units $12,00 33,000 Jan. 10. Sales 200 site. 12.00 Mar. 14 Purchase to $17.00 - 6.100 Mar.15 Sales July 20 Puch 459. $22.00 - Oo. Bales 420 units + $42.00 oct. 26 PB 250 mts. $27.01 - 4.450 Totala 523.750 Required Hemming uses a perpetual entory system 1. Determine the costs assigned to ending inventory and to cost of goods sold using PFO, 2. Determine the costs assigned to ending inventory and to cost of goods sold using UFO 3. Compute the gross margin for FIFO method and LIFO method. Complete this questions by entering your answers in the below tabs Recured Required? Recured Determine the costs assigned to ending inventory and to cost of goods sold in FIFO Per FIFO Goots shared Cost of Gold Coup of unita Couper Cost of Goods Inventary Coster MacBook Pro 80 7 28 F DU 3 A GO 2 $ 4 > 3 5 6 & 7 . 00 9 O W E R T Y U 0 S D G I J L Required information Data Goods Purch to Cost of Goods Sold #of Cost per of units Cost per cost of Goods units uni sold unit Sold Inventory Balance of units Cost per inventory Balance 250 $12.00 $ 3.000.00 January 1 January 10 200 @ $4200 - $ 8.400.00 2001 $12.00 $ 2,400.00 March 14 400 $ 17.00 $12.00 $17.00 = 450 e 7.650.00 $ 7,650.00 March 15 $12.00 350 a $12.00 @ $17.00 - $ 4.320.00 0.00 $ 4.320.00 July 30 October 5 October 26 Totals $ 12.720.00 MacBook Pro EN EN 28 $ 4 2 3 5 6 & 7 8 9 w E R T Y U 0 S D F G H J K Required information Determine the costs assigned to ending inventory and to cost of goods sold using LIFO. Perpetual LIFO Goods Purchased # of Cost per unit Cost of Goods Sold # of units Cost per Cost of Goods sold unit Sold Date Inventory Balance # of units Cost per Inventory unit Balance 250 @ $ 12.00 - $ 3,000.00 units January 1 January 10 March 14 March 15 July 30 October 5 October 26 {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 250 units @ $12.00 = $ 3,000 400 units e $17.00 - 6,800 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 200 units $42.00 360 units @ $42.00 450 units @ $22.00 - 9,900 420 units @ $42.00 150 units @ $27.00 - 1,250 units 4,050 $23,750 980 units 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 intentory 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 3 Compute the gross margin for FIFO method and LIFO method. FIFO: LIFO: Sales revenue Less: Cost of goods sold Gross margin
