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Units Acquired at Cost 3ee units $14.00 - $ 4,200 Date Activities Units Sold at Retail Jan. 1 Beginning inventory Jan. 10 Sales 250 units e s44.00 520 units $19.ee - Mar.14 Purchase Mar.15 Sales 460 units e s44.00 July38 Purchase Oct. 5 Sales see units a $24.ee 12,00e 488 units e s44.ee Oct. 26 Purchase 2e0 units e s29.ee Totals 1,520 units $31,880 1,198 units

Units Acquired at Cost 3ee units $14.00 - $ 4,200 Date Activities Units Sold at Retail Jan. 1 Beginning inventory Jan. 10 Sales 250 units e s44.00 520 units $19.ee - Mar.14 Purchase Mar.15 Sales 460 units e s44.00 July38 Purchase Oct. 5 Sales see units a $24.ee 12,00e 488 units e s44.ee Oct. 26 Purchase 2e0 units e s29.ee Totals 1,520 units $31,880 1,198 units

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 Units Sold at Retail Date 3e0 units $14.00 Jan. 1 Beginning inventory Jan. 10 Sales Mar. 14 Purchase Mar.15 Sales July3e Purchase Oct. 5 Sales - $ 4, 200 258 units a $44.00 520 units e $19.00 9,88e 468 units e $44.00 see units $24.00 12, 000 f 2 488 units e $44.00 Oct. 26 Purchase 200 units e $29.00 5,800 Totals 1,520 units $31,888 1,198 units :13:51 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 Coat Cost of Gooda sold Cost per unit Inventory Balance Cost # of unite # of unite Bold Cost of Goods Sold Inventory Balance Date # of unite per unit per unit January 1 s 4,200.00 300 14.00 January 10 250 Oe 14.00 $3,500.00 14.00 19.00 0 14.00 Is 19.00 March 14 520 Oe Is 14.00 IS 19.00 March 15 50 O 410 Is 14.00 S 1,820.00 July 30 500 130 24.00 |19.00 Is 24.00 S 1,820.00 October 5 110 Oe Ee00 19.00 %3D 2,090.00 19.00 370 Oe Is 24.00 8,880.00 24.00 %3D Is 10,970.00 200 Oe 200 O October 26 29.00 19.00 IS 24.00 IS 29.00 Totals 14,470.00
Transcribed Image Text:Activities Units Acquired at Cost Units Sold at Retail Date 3e0 units $14.00 Jan. 1 Beginning inventory Jan. 10 Sales Mar. 14 Purchase Mar.15 Sales July3e Purchase Oct. 5 Sales - $ 4, 200 258 units a $44.00 520 units e $19.00 9,88e 468 units e $44.00 see units $24.00 12, 000 f 2 488 units e $44.00 Oct. 26 Purchase 200 units e $29.00 5,800 Totals 1,520 units $31,888 1,198 units :13:51 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 Coat Cost of Gooda sold Cost per unit Inventory Balance Cost # of unite # of unite Bold Cost of Goods Sold Inventory Balance Date # of unite per unit per unit January 1 s 4,200.00 300 14.00 January 10 250 Oe 14.00 $3,500.00 14.00 19.00 0 14.00 Is 19.00 March 14 520 Oe Is 14.00 IS 19.00 March 15 50 O 410 Is 14.00 S 1,820.00 July 30 500 130 24.00 |19.00 Is 24.00 S 1,820.00 October 5 110 Oe Ee00 19.00 %3D 2,090.00 19.00 370 Oe Is 24.00 8,880.00 24.00 %3D Is 10,970.00 200 Oe 200 O October 26 29.00 19.00 IS 24.00 IS 29.00 Totals 14,470.00
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