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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 300 units @ $14.00 Date Activities Units Sold at Retail Jan. 1 Beginning inventory = $ 4,200 Jan.10 Sales 250 units @ $44.00 Mar.14 Purchase 520 units @ $19.00 9,880 Mar.15 Sales 460 units @ $44.00 July30 Purchase Oct. 5 Sales 500 units @ $24.00 12,000 %3! 480 units @ $44.00 Oct.26 Purchase 200 units @ $29.00 5,800 %3D Totals 1,520 units $31,880 1,190 units

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 300 units @ $14.00 Date Activities Units Sold at Retail Jan. 1 Beginning inventory = $ 4,200 Jan.10 Sales 250 units @ $44.00 Mar.14 Purchase 520 units @ $19.00 9,880 Mar.15 Sales 460 units @ $44.00 July30 Purchase Oct. 5 Sales 500 units @ $24.00 12,000 %3! 480 units @ $44.00 Oct.26 Purchase 200 units @ $29.00 5,800 %3D Totals 1,520 units $31,880 1,190 units

Intermediate Accounting: Reporting And Analysis
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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Hemming uses a perpetual inventory system.
  
1. Determine the costs assigned to ending inventory and to the cost of goods sold using FIFO.

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. Activities Units Acquired at Cost 300 units @ $14.00 Date Units Sold at Retail Jan. 1 Beginning inventory = $ 4,200 Jan.10 Sales 250 units @ $44.00 Mar.14 Purchase 520 units @ $19.00 9,880 Mar.15 Sales 460 units @ $44.00 July30 Purchase 500 units @ $24.00 12,000 Oct. 5 Sales 480 units @ $44.00 Oct.26 Purchase 200 units @ $29.00 5,800 Totals 1,520 units $31,880 1,190 units
Transcribed Image Text: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. Activities Units Acquired at Cost 300 units @ $14.00 Date Units Sold at Retail Jan. 1 Beginning inventory = $ 4,200 Jan.10 Sales 250 units @ $44.00 Mar.14 Purchase 520 units @ $19.00 9,880 Mar.15 Sales 460 units @ $44.00 July30 Purchase 500 units @ $24.00 12,000 Oct. 5 Sales 480 units @ $44.00 Oct.26 Purchase 200 units @ $29.00 5,800 Totals 1,520 units $31,880 1,190 units
Perpetual FIFO: Goods Purchased Cost of Goods Sold Inventory Balance # of units Cost per # of units Cost per Cost of Goods Sold Date # of units Cost per Inver unit sold unit unit Bali January 1 300 @ $ 14.00 = $ January 10 March 14 March 15
Transcribed Image Text:Perpetual FIFO: Goods Purchased Cost of Goods Sold Inventory Balance # of units Cost per # of units Cost per Cost of Goods Sold Date # of units Cost per Inver unit sold unit unit Bali January 1 300 @ $ 14.00 = $ January 10 March 14 March 15
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