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not sure if what i already did is corect. please redo the whole thing. thanx. Required information (The following information applies to the questions displayed
not sure if what i already did is corect. please redo the whole thing. thanx.
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. Date Activities Units Acquired at Cost Units sold at Retail Jan. 1 Beginning inventory 200 units @ $10 = $ 2,000 Jan. 10 Sales 150 units & $40 Mar. 14 Purchase 350 units @ $15 5,250 Mar. 15 Sales 300 units $40 July 30 Purchase 450 units @ $20 9,000 Oct. 5 Sales 430 units @ $40 Oct. 26 Purchase 100 units @ $25 2,500 Totals 1,100 units $18,750 880 units Hemming uses a periodic inventory system. Ending inventory consists of 45 units from the March 14 purchase, 75 units fro O purchase, and all 100 units from the October 26 purchase. Using the specific identification method, calculate the follow # of Ending Cost Per Unit a) Cost of Goods Sold using Specific Identification Available for Sale Date Activity Cost Per # of units Unit Jan. 1 Beginning Inventory 200 $ 10.00 Mar. 14 Purchase 350 $ 15.00 Purchase 450 $ 20.00 Oct 26 Purchase 100 $ 25.00 1,100 b) Gross Margin using Specific Identification Cost of Goods Sold Ending Inventory Ending Cost Per units Unit COGS Inventory Inventory sold Units Cost 200 $ 10.00 $ 2,000 $ 10.00 $ 350 $ 15.00 5,250 $ 15.00 0 450 $ 20.00 9,000 $ 20.00 100 $ 25.00 2,500 $ 25.00 0 1,100 $ 18,750 0 $ July 30 O O OOO Less: Equals Step by Step Solution
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