Answers
FIFO |
Cost of Goods available for sale |
Cost of Goods Sold |
Ending Inventory |
||||||
Units |
Cost/unit |
COG for sale |
Units sold |
Cost/unit |
COGS |
Units |
Cost/unit |
Ending inventory |
|
Beginning Inventory |
200 |
$ 10.00 |
$ 2,000.00 |
200 |
$ 10.00 |
$ 2,000.00 |
0 |
$ 10.00 |
$ - |
Purchases: |
|||||||||
14-Mar |
350 |
$ 15.00 |
$ 5,250.00 |
350 |
$ 15.00 |
$ 5,250.00 |
0 |
$ 15.00 |
$ - |
30-Jul |
450 |
$ 20.00 |
$ 9,000.00 |
330 |
$ 20.00 |
$ 6,600.00 |
120 |
$ 20.00 |
$ 2,400.00 |
26-Oct |
100 |
$ 25.00 |
$ 2,500.00 |
0 |
$ 25.00 |
$ - |
100 |
$ 25.00 |
$ 2,500.00 |
TOTAL |
1100 |
$ 18,750.00 |
880 |
$ 13,850.00 |
220 |
$ 4,900.00 |
|||
LIFO |
Cost of Goods available for sale |
Cost of Goods Sold |
Ending Inventory |
||||||
Units |
Cost/unit |
COG for sale |
Units sold |
Cost/unit |
COGS |
Units |
Cost/unit |
Ending inventory |
|
Beginning Inventory |
200 |
$ 10.00 |
$ 2,000.00 |
0 |
$ 10.00 |
$ - |
200 |
$ 10.00 |
$ 2,000.00 |
Purchases: |
|||||||||
14-Mar |
350 |
$ 15.00 |
$ 5,250.00 |
330 |
$ 15.00 |
$ 4,950.00 |
20 |
$ 15.00 |
$ 300.00 |
30-Jul |
450 |
$ 20.00 |
$ 9,000.00 |
450 |
$ 20.00 |
$ 9,000.00 |
0 |
$ 20.00 |
$ - |
26-Oct |
100 |
$ 25.00 |
$ 2,500.00 |
100 |
$ 25.00 |
$ 2,500.00 |
0 |
$ 25.00 |
$ - |
TOTAL |
1100 |
$ 18,750.00 |
880 |
$ 16,450.00 |
220 |
$ 2,300.00 |
FIFO |
LIFO |
|
Sales Revenue |
$ 35,200.00 |
$ 35,200.00 |
(-) Cost of Goods Sold (as calculated above) |
$ 13,850.00 |
$ 16,450.00 |
Gross Margin |
$ 21,350.00 |
$ 18,750.00 |
Required Information [The following Information applies to the questions displayed below.) Hemming Co. reported the following...
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 205 units @ $10.20 - $ 2,091 Units sold at Retail 160 units @ $40.20 Date Activities Jan. 1 Beginning inventory Jan.10 Sales Mar.14 Purchase Mar.15 Sales July30 Purchase Oct. 5 Sales Oct.26 Purchase Totals 300 units @ $15.20 - 400 units e $20.20 - 4,560 8,080 250 units @ $40.20 375...
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. I Date Jan. 1 inventory Activities Beginning Jan. 1e Sales Mar.14 Purchase Mar.15 Sales July3e Purchase Oct. 5 Sales Oct. 26 Purchase Totals Units Acquired at Cost Units Sold at Retail 235 units@ $11.40 = 5 2,679 170 units@ $41.40 360 unitse $16.40 - 5,904 290 unitse $41.40 435 units@ $21.40 - 9,309 P 410 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. Date Activities Units Acquired at Cost Units Sold at Retail Jan. 1 Beginning inventory 260 units @ $12.40 = $ 3,224 Jan. 10 Sales 215 units @ $42.40 Mar. 14 Purchase 420 units @ $17.40 = 7,308 Mar. 15 Sales 380 units @ $42.40 July 30 Purchase 460 units @ $22.40 = 10,304 Oct. 5 Sales...
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. Date Activities Units Acquired at Cost Units Sold at Retail Jan. 1 Beginning inventory 255 units @ $12.20 = $ 3,111 Jan. 10 Sales 210 units @ $42.20 Mar. 14 Purchase 410 units @ $17.20 = 7,052 Mar. 15 Sales 350 units @ $42.20 July 30 Purchase 455 units @ $22.20 = 10,101 Oct....
Date 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 Units Sold at Retail Jan. 1 Beginning inventory 230 units @ $11.20 - $ 2,576 Jan. 10 Sales 160 units e $41.20 Mar.14 Purchase 350 units $16.20 - 5,670 Mar.15 Sales 320 units @ $41.20 July 30 Purchase 430 units $21.20 - 9,116 Oct. 5 Sales 400 units @ $41.20...
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 Sold at Retail Units Acquired at Cost 200 units @ $10 = $ 2,000 150 units @ $40 350 units @ $15 = 5,250 Date Activities Jan. 1 Beginning inventory Jan. 10 Sales Mar. 14 Purchase Mar. 15 Sales July 30 Purchase Oct. 5 Sales Oct. 26 Purchase Totals 300 units @ $40 @ $20...
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 Sold at Retail Units Acquired at Cost 200 units @ $10 = $ 2,000 Date Activities Jan. 1 Beginning inventory Jan. 10 Sales Mar. 14 Purchase Mar. 15 Sales July 30 Purchase Oct. 5 Sales Oct. 26 Purchase Totals 350 units 450 units @ $15 @ $20 = = 5,250 9,000 150 units 300 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 Sold at Retail 160 units @ $41.20 Date Activities Jan. 1 Beginning inventory Jan. 10 Sales Mar. 14 Purchase Mar. 15 Sales July 30 Purchase Oct. 5 Sales Oct. 26 Purchase Totals Units Acquired at Cost 230 units @ $11.20 = $ 2,576 350 units @ $16.20 = 5,670 430 units @ $21.20 - 9,116...
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 Sold at Retail Units Acquired at Cost 285 units @ $13. 40 = $ 3, 819 250 units @ $43. 40 470 units @ $18.40 = 8,648 Date Activities Jan. 1 Beginning inventory Jan. 10 Sales Mar. 14 Purchase Mar. 15 Sales July 30 Purchase Oct. 5 Sales Oct. 26 Purchase Totals 400 units @...
Requlled 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 Sold at Retall Units Acquired at Cost 260 units $12.4e - $ 3,224 215 units @ $42.48 420 units $17.40 = 7,388 Date Activities Jan. 1 Beginning inventory Jan, 10 Sales Mar. 14 Purchase Mar. 15 Sales July Be Purchase Oct. 5 Sales Oct. 26 Purchase Totals 380 units @ $42.40 460 units $22.40 =...