Hemming Company reported the following current-year purchases and sales for its only product. Date Activities January 1 Beginning inventory January 18 Sales March 14 Purchase March 15 Sales July 30 Purchase October S Sales October 26 Purchase Totals 275 units Units Acquired at Cost $13.00- Units So $ 3,575 238 un 450 units $18.00- 8,100 400 un 475 units @$25.00- 10,925 ass un 1/5 units 1,375 units $28.00 4,900 $ 27,500 1,885 uni 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
Hemming Company reported the following current-year purchases and sales for its only product. Date Activities January 1 Beginning inventory January 18 Sales March 14 Purchase March 15 Sales July 30 Purchase October S Sales October 26 Purchase Totals 275 units Units Acquired at Cost $13.00- Units So $ 3,575 238 un 450 units $18.00- 8,100 400 un 475 units @$25.00- 10,925 ass un 1/5 units 1,375 units $28.00 4,900 $ 27,500 1,885 uni 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
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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