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Use the following information for the Exercises below. (Algo) Skip to question [The following information applies to the questions displayed below.] Hemming Company reported the
Use the following information for the Exercises below. (Algo)
Skip to question
[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 | 205 | units | @ $10.20 | = | $ 2,091 | |||
January 10 | Sales | 160 | units | @ $40.20 | |||||
March 14 | Purchase | 300 | units | @ $15.20 | = | 4,560 | |||
March 15 | Sales | 250 | units | @ $40.20 | |||||
July 30 | Purchase | 400 | units | @ $20.20 | = | 8,080 | |||
October 5 | Sales | 375 | units | @ $40.20 | |||||
October 26 | Purchase | 105 | units | @ $25.20 | = | 2,646 | |||
Totals | 1,010 | units | $ 17,377 | 785 | units |
Exercise 5-9 (Algo) Specific identification LO P1
Hemming uses a periodic inventory system. Ending inventory consists of 45 units from the March 14 purchase, 75 units from the July 30 purchase, and all 105 units from the October 26 purchase. Using the specific identification method, calculate the following.
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