Return to question 3 203 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 Date Activities units Acquired at Cost Units Sold at Retail January 1 Beginning inventory 200 units $20 $ 2,000 January 10 Sales 150 units $40 March 14 Purchase 350 units $15 5,250 March 15 Sales 300 units $40 July 30 Purchase 450 units $20 9.000 October 5 Sales 430 units 540 October 26 Purchase 100 units $25 2.500 Totals 1,100 units $ 18,750 880 units 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 Answer is complete but not entirely correct. a) Cost of Goods Sold using Specific Identification Available for Sale Date Activity #of units Cost Cost Per Unit Ending Inventory Ending Cost Ending Inventory Per Inventory Units Unit Cost 0 $ 10.00 $ 0 0 $ 15.00 0 January 1 Beginning Inventory 200 10.00 Cost of Goods Sold #of units Per COGS sold Unit 200 $ 10.00 $ 2.000 350 $ 15.00 5,250 330 $ 20.00 6,600 $ 25.00 0 March 14 Purchase 350 15.00 Purchase 450 July 30 October 26 20.00 2400 $ 20.00 48,000 > > Purchase 100 2500 2500 5 25.00 62.500 CP b) Gross Margin using Specific Identification Sales $ 35,200 Less: Cost of goods sold 16,450 X Equals: Gross profit $ 18,750 X hot indicate completion. 2 Return to Question Part 1 Required information The following information applies to the questions displayed below) Trey Monson starts a merchandising business on December 1 and enters into the following three inventory purchases Monson uses a perpetual inventory system Also, on December 15. Monson sells 30 units for $50 each Purchases on December 7 20 units $20.00 cost Purchases on December 14 34 units 530.00 cost Purchases on December 1 30 units $36.00 cost 10 points Required: Determine the costs assigned to the December 31 ending inventory based on the FIFO method