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.ActivitiesBeginning inventorySales.PurchaseSalesPurchaseSalesPurchaseTotalsDateJanuary 1January 10March 14March 15July 30October 5October 26a) Cost of Goods Sold using Specific IdentificationAvailable for SaleDateJanuary 1March 14July 30October 26Less:Equals:ActivityBeginning InventoryPurchasePurchasePurchaseb) Gross Margin using Specific Identification# of units2604204601601,300Units Acquired at Cost@$12.40 =@$17.40 =260 units.420 units460 units160 units1,300 unitsCostPerUnit$ 12.40$17.40$22.40$ 27.403@ $22.40# ofunitssold@$27.40Ending inventory consists of 45 units from the March 14 purchase, 75 units from the July 30 purchase, and all 160 units from theOctober 26 purchase. Using the specific identification method, calculate the following.=01,140260 $420 × $460 X $$$3,2247,30810,3044,384$ 25,22012.4017.4022.4027.40Cost of Goods SoldCost PerUnit$Units Sold at RetailX Answer is not complete.COGS215 units3,2247,30810,3040$ 20,836380 units425 units1,020 units@$42.40@$42.40@$42.40EndingInventoryUnits0 $0X $0X $160 $160e wheeeTethe posters, mEnding InventoryCost PerUnit12.4017.4022.4027.40CIMENTOEndingInventory Cost$$0004,3844,384

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Description: 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.ActivitiesBeginning inventorySales.PurchaseSalesPurchaseSalesPurcha

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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 January 1 January 10 March 14 March 15 July 30 October 5 October 26 Activities Beginning inventory Sales Purchase Sales Purchase Sales Purchase Totals Units Acquired at Cost @$12.40- @$17.40 = @$22.40 = @$27.40 260 units 420 units 460 units 160 units 1,300 units $3,224 7,308 10,304 4,384 $ 25,220 Units Sold at Retail 215 units 380 units 425 units 1,020 units @$42.40 @$42.40 @$42.40 Ending inventory consists of 45 units from the March 14 purchase, 75 units from the July 30 purchase, and all 160 units from the October 26 purchase. Using the specific identification method, calculate the following.

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 January 1 January 10 March 14 March 15 July 30 October 5 October 26 Activities Beginning inventory Sales Purchase Sales Purchase Sales Purchase Totals Units Acquired at Cost @$12.40- @$17.40 = @$22.40 = @$27.40 260 units 420 units 460 units 160 units 1,300 units $3,224 7,308 10,304 4,384 $ 25,220 Units Sold at Retail 215 units 380 units 425 units 1,020 units @$42.40 @$42.40 @$42.40 Ending inventory consists of 45 units from the March 14 purchase, 75 units from the July 30 purchase, and all 160 units from the October 26 purchase. Using the specific identification method, calculate the following.

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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Lower-of-cost-or-market inventory Data on the physical inventory of Katus Products Co. as of December 31 follows: Quantity and cost data from the last purchases invoice of the year and the next-to-the-last purchases invoice are summarized as follows: Instructions Determine the inventory at cost and also at the lower of cost or market applied on an item-by-item basis, using the first-in, first-out method. Record the appropriate unit costs on the inventory sheet, and complete the pricing of the inventory. When there are two different unit costs applicable to an item, proceed as follows: 1. Draw a line through the quantity, and insert the quantity and unit cost of the last purchase. 2. On the following line, insert the quantity and unit cost of the next-to-the-last purchase. 3. Total the cost and market columns and insert the lower of the two totals in the LCM column. The first item on the inventory sheet has been completed as an example.
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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The following data were extracted from the accounting records of Harkins Company for the year ended April 30, 2019: a. Prepare the cost of merchandise sold section of the income statement for the year ended April 30, 2019, using the periodic inventory system. b. Determine the gross profit to be reported on the income statement for the year ended April 30, 2019. c. Would gross profit be different if the perpetual inventory system was used instead of the periodic inventory system?
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Data on the physical inventory of Katus Products Co. as of December 31 follow: Quantity and cost data from the last purchases invoice of the year and the next-to-the-last purchases invoice are summarized as follows: Instructions Determine the inventory at cost as well as at the lower of cost or market, using the first-in, first-out method. Record the appropriate unit costs on the inventory sheet and complete the pricing of the inventory. When there are two different unit costs applicable to an item: 1. Draw a line through the quantity and insert the quantity and unit cost of the last purchase. 2. On the following line, insert the quantity and unit cost of the next-to-the-last purchase. 3. Total the cost and market columns and insert the lower of the two totals in the LCM column. The first item on the inventory sheet has been completed as an example.
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