Required information Use the following information for the Exercises 8-10 below. (Algo) [The following information applies...

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Required information Use the following information for the Exercises 8-10 below. (Algo) [The following information applies to the questions displayed below.] Hemming Company reported the following current-year purchases and sales for its only product. Date January 1 January 101 Activities Beginning inventory Sales March 14 March 15 Purchase Sales July 301 October 5 October 26 Purchase Sales Purchase Totals 265 units Units Acquired at Cost $12.60- Units Sold at Retail $3,339 225 units @$42.60 430 units @$17.60 7,568 370 units $42.60 465 units @$22.60 10,509 440 units @ $42.60 165 units 1,325 units @$27.60 4,554 $25,970 1,035 units Exercise 5-9 (Algo) Specific identification LO P1 Ending inventory consists of 55 units from the March 14 purchase, 70 units from the July 30 purchase, and all 165 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 Cost of Goods Sold Ending Inventory Date Ending Cost Per #of unite Cost Par Ending Required information Ending inventory consists of 55 units from the March 14 purchase, 70 units from the July 30 purchase, and all 165 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 Cost of Goods Sold Ending Inventory Date Activity of units Cost Per Unit # of units sold Cost Per Unit COGS Ending Inventory Units Cost Per Unit Ending Inventory Cost January 11 Beginning Inventory 265 $ 12.60 265 $ 12.60 $ 3,339 05 12.60 $ 0 March 14 Purchase 430 S 17.60 5 17.60 0 $ 17.60 0 July 301 Purchase 465 $ 22.60 $ 22.60 0 $ 22.60 0 October 26 Purchase 165 $ 27 60 0 $ 27 60 0 165 $ 27.60 4554 1,325 265 $ 3,339 165 $ 4,554 b) Gross Margin using Specific identification Sales Less Cost of goods sold Equals Gross profit Required information Use the following information for the Exercises 8-10 below. (Algo) [The following information applies to the questions displayed below.] Hemming Company reported the following current-year purchases and sales for its only product. Date January 1 January 101 Activities Beginning inventory Sales March 14 March 15 Purchase Sales July 301 October 5 October 26 Purchase Sales Purchase Totals 265 units Units Acquired at Cost $12.60- Units Sold at Retail $3,339 225 units @$42.60 430 units @$17.60 7,568 370 units $42.60 465 units @$22.60 10,509 440 units @ $42.60 165 units 1,325 units @$27.60 4,554 $25,970 1,035 units Exercise 5-9 (Algo) Specific identification LO P1 Ending inventory consists of 55 units from the March 14 purchase, 70 units from the July 30 purchase, and all 165 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 Cost of Goods Sold Ending Inventory Date Ending Cost Per #of unite Cost Par Ending Required information Ending inventory consists of 55 units from the March 14 purchase, 70 units from the July 30 purchase, and all 165 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 Cost of Goods Sold Ending Inventory Date Activity of units Cost Per Unit # of units sold Cost Per Unit COGS Ending Inventory Units Cost Per Unit Ending Inventory Cost January 11 Beginning Inventory 265 $ 12.60 265 $ 12.60 $ 3,339 05 12.60 $ 0 March 14 Purchase 430 S 17.60 5 17.60 0 $ 17.60 0 July 301 Purchase 465 $ 22.60 $ 22.60 0 $ 22.60 0 October 26 Purchase 165 $ 27 60 0 $ 27 60 0 165 $ 27.60 4554 1,325 265 $ 3,339 165 $ 4,554 b) Gross Margin using Specific identification Sales Less Cost of goods sold Equals Gross profit

Answer rating: 100% (QA)

To calculate the Cost of Goods Sold COGS and the Gross Margin using the specific identification method follow these steps Step 1 Calculate Ending Inve... View the full answer