Use the following information for the Exercises 8-10 below. (Algo) Skip to question [The following information applies to the questions displayed below.] Hemming Company reported the following current-year purchases and sales for its only product. Date Activities Units Acquired at Cost Units Sold at Retail January 1 Beginning inventory 240 units @ $11.60 = $ 2,784 January 10 Sales 180 units @ $41.60 March 14 Purchase 370 units @ $16.60 = 6,142 March 15 Sales 330 units @ $41.60 July 30 Purchase 440 units @ $21.60 = 9,504 October 5 Sales 415 units @ $41.60 October 26 Purchase 140 units @ $26.60 = 3,724 Totals 1,190 units $ 22,154 925 units Exercise 5-9 (Algo) Specific identification LO P1 Ending inventory consists of 55 units from the March 14 purchase, 70 units from the July 30 purchase, and all 140 units from the October 26 purchase. Using the specific identification method, calculate the following
Use the following information for the Exercises 8-10 below. (Algo) Skip to question [The following information applies to the questions displayed below.] Hemming Company reported the following current-year purchases and sales for its only product. Date Activities Units Acquired at Cost Units Sold at Retail January 1 Beginning inventory 240 units @ $11.60 = $ 2,784 January 10 Sales 180 units @ $41.60 March 14 Purchase 370 units @ $16.60 = 6,142 March 15 Sales 330 units @ $41.60 July 30 Purchase 440 units @ $21.60 = 9,504 October 5 Sales 415 units @ $41.60 October 26 Purchase 140 units @ $26.60 = 3,724 Totals 1,190 units $ 22,154 925 units Exercise 5-9 (Algo) Specific identification LO P1 Ending inventory consists of 55 units from the March 14 purchase, 70 units from the July 30 purchase, and all 140 units from the October 26 purchase. Using the specific identification method, calculate the following
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter7: Inventories: Cost Measurement And Flow Assumptions
Section: Chapter Questions
Problem 5MC: The moving average inventory cost flow assumption is applicable to which of the following inventory...
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Use the following information for the Exercises 8-10 below. (Algo)
Skip to question
[The following information applies to the questions displayed below.]
Hemming Company reported the following current-year purchases and sales for its only product.
Date | Activities | Units Acquired at Cost | Units Sold at Retail | ||||||
---|---|---|---|---|---|---|---|---|---|
January 1 | Beginning inventory | 240 | units | @ $11.60 | = | $ 2,784 | |||
January 10 | Sales | 180 | units | @ $41.60 | |||||
March 14 | Purchase | 370 | units | @ $16.60 | = | 6,142 | |||
March 15 | Sales | 330 | units | @ $41.60 | |||||
July 30 | Purchase | 440 | units | @ $21.60 | = | 9,504 | |||
October 5 | Sales | 415 | units | @ $41.60 | |||||
October 26 | Purchase | 140 | units | @ $26.60 | = | 3,724 | |||
Totals | 1,190 | units | $ 22,154 | 925 | units |
Exercise 5-9 (Algo) Specific identification LO P1
Ending inventory consists of 55 units from the March 14 purchase, 70 units from the July 30 purchase, and all 140 units from the October 26 purchase. Using the specific identification method, calculate the following.
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