Can you please point 26 and total as well it was too large to show all in one picture. Thank you! Perpetual LIFO:Goods PurchasedCost of Goods SoldInventory BalanceCost perCost perInventoryBalanceCost per# of unitssold# ofCost of GoodsDate# of unitsunitsunitunitSoldunitJanuary 1200@$ 10.00$ 2,000.00January 10March 14March 15July 30October 5 Required information[The following information applies to the questions displayed below.]Hemming Co. reported the following current-year purchases and sales for its only product.Units Sold at RetailUnits Acquired at Cost200 units @ $10 = $ 2,000DateActivitiesJan. 1 Beginning inventoryJan. 10 Sales150 units @ $40Mar.14 Purchase350 units @ $15= 5,250Mar.15 Sales300 units @ $40July30 Purchase450 units @ $20= 9,000Oct. 5 Sales430 units @ $40100 units @ $252,500$18,750Oct.26 PurchaseTotals1,100 units880 unitsRequired: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.

Gross margin refers to the amount of profit generated by the firm after reducing cost of goods sold…

Required information [The following information applies to the questions displayed below.] Hemming Co. reported the following current-year purchases and sales for its only product. Units Acquired at Cost 200 units Date Activities Units Sold at Retail Jan. 1 Beginning inventory @ $10 = $ 2,000 Jan. 10 Sales 150 units @ $40 350 units @ $15 5,250 Mar.14 Purchase Mar.15 Sales @ $40 300 units July30 Purchase 450 units @ $20 9,000 Oct. 5 Sales 430 units @ $40 @ $25 2,500 $18,750 Oct.26 Purchase 100 units Totals 1,100 units 880 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.

Required information [The following information applies to the questions displayed below.] Hemming Co. reported the following current-year purchases and sales for its only product. Units Acquired at Cost 200 units Date Activities Units Sold at Retail Jan. 1 Beginning inventory @ $10 = $ 2,000 Jan. 10 Sales 150 units @ $40 350 units @ $15 5,250 Mar.14 Purchase Mar.15 Sales @ $40 300 units July30 Purchase 450 units @ $20 9,000 Oct. 5 Sales 430 units @ $40 @ $25 2,500 $18,750 Oct.26 Purchase 100 units Totals 1,100 units 880 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.

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 50E: Inventory Costing Methods Crandall Distributors uses a perpetual inventory system and has the...

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Johnson Corporation had beginning inventory of 20,000 at cost and 35,000 at retail. During the year, it made net purchases of 180,000 at cost and 322,000 at retail. Johnson nude sales of 300,000. Assuming a price index of 100 at the beginning of the year and 110 at the end of the year, compute Johnsons ending inventory at cost using the dollar-value LIFO retail method.
Comprehensive The following information for 2019 is available for Marino Company: 1. The beginning inventory is 100,000. 2. Purchases returns of 4,000 were made. 3. Purchases of 300,000 were made on terms of 2/10, n/30. Eighty percent of the discounts were taken. 4. At December 31, purchases of 20,000 were in transit, FOB destination, on terms of 2/10, n/30. 5. The company made sales of 640,000. The gross selling price per unit is twice the net cost of each unit sold. 6. Sales allowances of 6,000 were made. 7. The company uses the LIFO periodic method and the gross method for purchase discounts. Required: 1. Compute the cost of the ending inventory before the physical inventory is taken. 2. Compute the amount of the cost of goods sold that came from the purchases of the period and the amount that came from the beginning inventory.
Kulsrud Company would like to estimate the current inventory level. Using the gross profit method and the following information, estimate the current inventory level for Kulsrud Company. Goods available for sale 100,000 Net sales 150,000 Normal gross profit as a percent of sales 40%
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Dollar-Value LIFO A company adopted the LIFO method when its inventory was 1,800. One year later its ending inventory was 2,100, and costs had increased 5% during the year. Required: What is the ending inventory using dollar-value LIFO? Round to the nearest dollar.
Inventory Costing Methods Crandall Distributors uses a perpetual inventory system and has the following data available for inventory, purchases, and sales for a recent year. Required: 1. Compute the cost of ending inventory and the cost of goods sold using the specific identification method. Assume the ending inventory is made up of 40 units from beginning inventory, 30 units from Purchase 1, 80 units from Purchase 2, and 40 units from Purchase 3. 2. Compute the cost of ending inventory and cost of goods sold using the FIFO inventory costing method. 3. Compute the cost of ending inventory and cost of goods sold using the LIFO inventory costing method. 4. Compute the cost of ending inventory and cost of goods sold using the average cost inventory costing method. ( Note: Use four decimal places for per-unit calculations and round all other numbers to the nearest dollar.) 5. CONCEPTUAL CONNECTION Compare the ending inventory and cost of goods sold computed under all four methods. What can you conclude about the effects of the inventory costing methods on the balance sheet and the income statement?
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