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Please answer the following Required information [The following information applies to the questions displayed below.) Hemming Company reported the following current-year purchases and sales for
Please answer the following
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. Unita Acquired at Cont 200 units $10 Units Sold at Retail $ 2,000 150 units $40 Date January 1 January 10 March 14 March 15 July 30 October 5 October 26 350 unita $15 5,250 Activities Beginning inventory Sales Purchase Sales Purchase Sales Purchase Totals 300 unita 540 450 unita $20 . 9,000 430 units $40 $25 100 unita 1,100 unite 2.500 3 18.750 880 unita Ending inventory consists of 45 units from the March 14 purchase, 75 units from the July 30 purchase, and all 100 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 Cost of Goods Sold # of Cost Per units Unit COGS sold Cost Per Unit Ending Inventory Ending Ending Cost Per Inventory Inventory Unit Units Cost # of units 200 January 1 March 14 July 30 Beginning Inventory Purchase Purchase Purchase 350 450 October 26 100 1.100 b) Gross Margin using Specific Identification Less: Equals Step by Step Solution
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