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Date Activities Units Acquired at Cost 300 units $14.00 - $ 4,200 Units Sold at Retai Jan. 1 Beginning inventory 25e units $44.00 Jan. 10 Sales Mar.14 Purchase Mar.15 Sales 520 units $19.00 - 9,88e 460 units $44.00 see units $24.00 - 12,000 July 30 Purchase Oct. S Sales Oct.26 Purchase 480 units $44.00 200 units $29.00 5,800 Totals 1,520 units $31,88e 1,198 units qutred: mming uses a perpetual inventory system. Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. Determine the costs assigned to ending inventory and to cost of goods sold using LIFO. Compute the gross margin for FIFO method and LIFO method.

Date Activities Units Acquired at Cost 300 units $14.00 - $ 4,200 Units Sold at Retai Jan. 1 Beginning inventory 25e units $44.00 Jan. 10 Sales Mar.14 Purchase Mar.15 Sales 520 units $19.00 - 9,88e 460 units $44.00 see units $24.00 - 12,000 July 30 Purchase Oct. S Sales Oct.26 Purchase 480 units $44.00 200 units $29.00 5,800 Totals 1,520 units $31,88e 1,198 units qutred: mming uses a perpetual inventory system. Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. Determine the costs assigned to ending inventory and to cost of goods sold using LIFO. Compute the gross margin for FIFO method and LIFO method.

Cornerstones of Financial Accounting
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter6: Cost Of Goods Sold And Inventory
Section: Chapter Questions
Problem 62E
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Activities Units Acquired at Cost 3e0 units $14.00 Date Units Sold at Retail Jan. 1 Beginning inventory Jan. 18 Sales - $ 4, 200 250 units e $44.00 Mar.14 Purchase Mar.15 Sales July3e Purchase Oct. 5 Sales Oct. 26 Purchase 520 units e $19.00 9,880 468 units e $44.00 see units a $24.00 12, 800 488 units e $44.00 200 units e $29.00 5,800 Totals 1,528 units $31,88e 1,198 units Required: Hemming uses a perpetual inventory system. 1. Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. 2. Determine the costs assigned to ending inventory and to cost of goods sold using LIFO. 3. Compute the gross margin for FIFO method and LIFO method. Answer is not complete. Complete this questions by entering your answers in the below tabs. Required 1 Required 2 Required 3 Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. Perpetual FIFO: Goods Purchased Cost per unit Inventory Balance Cost of Goode Sold TCost per unit Cost # of unite # of unita sold Cost of Goode Sold Inventory Balance Date # of unite per unit Is 14.00 January 1 300 S 4,200.00 January 10 250 Oe 14.00 0 $ 3,500.00 Is 14.00 520 Oe Is 14.00 March 14 19.00 Is 19.00 Is 14.00 Is 19.00 March 15 50 410 O Is 130 Oe 14.00 IS 19.00 July 30 500 S 1,820.00 24.00 Is 24.00 IS 1,820.00 October 5 Pie.00 24.00 110 2,090.00 19.00 Is 370 Oe 24.00 8,880.00 %3D Is 10,970.00 October 26 200 Oe 200 0 29.00 IS 19.00 IS 24.00 IS 29.00 Totals 14,470.00
Transcribed Image Text:Activities Units Acquired at Cost 3e0 units $14.00 Date Units Sold at Retail Jan. 1 Beginning inventory Jan. 18 Sales - $ 4, 200 250 units e $44.00 Mar.14 Purchase Mar.15 Sales July3e Purchase Oct. 5 Sales Oct. 26 Purchase 520 units e $19.00 9,880 468 units e $44.00 see units a $24.00 12, 800 488 units e $44.00 200 units e $29.00 5,800 Totals 1,528 units $31,88e 1,198 units Required: Hemming uses a perpetual inventory system. 1. Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. 2. Determine the costs assigned to ending inventory and to cost of goods sold using LIFO. 3. Compute the gross margin for FIFO method and LIFO method. Answer is not complete. Complete this questions by entering your answers in the below tabs. Required 1 Required 2 Required 3 Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. Perpetual FIFO: Goods Purchased Cost per unit Inventory Balance Cost of Goode Sold TCost per unit Cost # of unite # of unita sold Cost of Goode Sold Inventory Balance Date # of unite per unit Is 14.00 January 1 300 S 4,200.00 January 10 250 Oe 14.00 0 $ 3,500.00 Is 14.00 520 Oe Is 14.00 March 14 19.00 Is 19.00 Is 14.00 Is 19.00 March 15 50 410 O Is 130 Oe 14.00 IS 19.00 July 30 500 S 1,820.00 24.00 Is 24.00 IS 1,820.00 October 5 Pie.00 24.00 110 2,090.00 19.00 Is 370 Oe 24.00 8,880.00 %3D Is 10,970.00 October 26 200 Oe 200 0 29.00 IS 19.00 IS 24.00 IS 29.00 Totals 14,470.00
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