Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

pleasse help with the tables Required information Use the following information for the Exercises below. [The following information applies to the questions displayed below.) Hemming

image text in transcribed
image text in transcribed
image text in transcribedpleasse help with the tables
Required information Use the following information for the Exercises below. [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 Jan. 1 Beginning inventory Units sold at Retail 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, eee Oct. 5 Sales 430 units @ $40 Oct. 26 Purchase 100 units $25 2.500 Totals 1,180 units $18,250 880 units Exercise 5-9 A Periodic: Inventory costing system LO P3 Exercise 5-9A Periodic: Inventory costing system LO P3 Required: 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 margin for each method. a) Periodic FIFO Cost of Goods Sold Cost of Goods Available for Sale Cost of Goods of units Available for unit Sale Cost per # of units Cost per sold unit Cost of Goods Sold Ending Inventory #of units Cost in ending Ending inventory per unit Inventory Beginning inventory Purchases March 14 July 30 October 26 Total S 0 s 5 0 b) Periodic LIFO Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory b) Periodic LIFO Cost of Goods Sold Cost of Goods Available for Sale Cost of Goods # of units Available for unit Sale Cost per of units Cost per sold unit Cost of Goods Sold Endling Inventory of units Cost Ending In ending Inventory per unit Inventory Beginning inventory Purchases March 14 July 30 October 26 Total 0 0 0 c) Gross Margin FIFO LIFO

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Wiley CPAexcel Exam Review 2016 Study Guide January Auditing And Attestation

Authors: O. Ray Whittington

1st Edition

1119119960, 978-1119119968

More Books

Students also viewed these Accounting questions

Question

How could an organization's culture be used as a control mechanism?

Answered: 1 week ago

Question

The company openly shares plans and information with employees.

Answered: 1 week ago