Question

Hemming Co. reported the following current-year purchases and sales for its only product. Activities Units Acquired at Cost Units Sold at Retail Date Jan. 1 Beginning inventory Jan. 10 Sales Mar. 14 Purchase Mar. 15 Sales July 30 Purchase Oct. 5 Sales Oct. 26 Purchase 35 units $11.401,539 285 units$16.404,674 435 units$21.409,309 635 units$26.4016.764 25 units $41.40 75 units $41.40 265 units$41.40 Totals 1,490 units $32,286 565 units Hemming uses a periodic inventory system. value: 10.00 points Required 1. Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. Periodic FIFO Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory # of units | Cost # of units | Cost per Available for Sale Cost of Ending # of units | Cost per costof Goods n ending per unit Inventory inventory unit Beginning inventory Purchases March 14 July 30 October 26 Total 0 0.00 0 $ 0.00 0 $ 0.00

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Answer 1

	Cost of goods available for sale			Cost of goods sold			Ending inventory
	# of units	Cost per unit	Cost of goods avsilable for sale	# of units sold	Cost per unit	Cost of goods sold	# of units in ending inventory	Cost per unit	Ending inventory
Beginning inventory	135	11.40	1539	125	11.40	1425
Purchases:				10	11.40	114
Mar-14	285	16.40	4674	165	16.40	2706	`
Jul-30	435	21.40	9309	120	16.40	1968	290	21.40	6206
Oct-26	635	26.40	16764	145	21.40	3103	635	26.40	16764
	1490		32286	565		9316	925		22970