Ans. 1 | FIFO: | Purchase | Cost of goods sold | Balance | ||||||
Date | Quantity | Rate | Total cost | Quantity | Rate | Total cost | Quantity | Rate | Total cost | |
1-Jan | 285 | $13.40 | $3,819 | 285 | $13.40 | $3,819 | ||||
10-Jan | 250 | $13.40 | $3,350 | 35 | $13.40 | $469 | ||||
14-Mar | 470 | $18.40 | $8,648 | 35 | $13.40 | $469 | ||||
470 | $18.40 | $8,648 | ||||||||
15-Mar | 35 | $13.40 | $469 | |||||||
365 | $18.40 | $6,716 | 105 | $18.40 | $1,932 | |||||
30-Jul | 485 | $23.40 | $11,349 | 105 | $18.40 | $1,932 | ||||
485 | $23.40 | $11,349 | ||||||||
5-Oct | 105 | $18.40 | $1,932 | |||||||
355 | $23.40 | $8,307 | 130 | $23.40 | $3,042 | |||||
26-Oct | 185 | $28.40 | $5,254 | 130 | $23.40 | $3,042 | ||||
185 | $28.40 | $5,254 | ||||||||
Total | Cost of goods sold | $20,774 | Ending inventory | $8,296 | ||||||
*In FIFO method the units that have purchased first, are released the first one and the ending inventory | ||||||||||
units remain from the last purchases. | ||||||||||
Ans. 2 | LIFO: | Purchase | Cost of goods sold | Balance | ||||||
Date | Quantity | Rate | Total cost | Quantity | Rate | Total cost | Quantity | Rate | Total cost | |
1-Jan | 285 | $13.40 | $3,819 | 285 | $13.40 | $3,819 | ||||
10-Jan | 250 | $13.40 | $3,350 | 35 | $13.40 | $469 | ||||
14-Mar | 470 | $18.40 | $8,648 | 35 | $13.40 | $469 | ||||
470 | $18.40 | $8,648 | ||||||||
15-Mar | 400 | $18.40 | $7,360 | 35 | $13.40 | $469 | ||||
70 | $18.40 | $1,288 | ||||||||
30-Jul | 485 | $23.40 | $11,349 | 35 | $13.40 | $469 | ||||
70 | $18.40 | $1,288 | ||||||||
485 | $23.40 | $11,349 | ||||||||
5-Oct | 460 | $23.40 | $10,764 | 35 | $13.40 | $469 | ||||
70 | $18.40 | $1,288 | ||||||||
25 | $23.40 | $585 | ||||||||
26-Oct | 185 | $28.40 | $5,254 | 35 | $13.40 | $469 | ||||
70 | $18.40 | $1,288 | ||||||||
25 | $23.40 | $585 | ||||||||
185 | $28.40 | $5,254 | ||||||||
Total | Cost of goods sold | $21,474 | Ending inventory | $7,596 | ||||||
*In LIFO method the units that have purchased last, are released the first one and the ending inventory | ||||||||||
units remain from the first purchases. | ||||||||||
Ans. 3 | FIFO | LIFO | ||||||||
Sales | $48,174 | $48,174 | ||||||||
(-) Cost of goods sold | ($20,774) | ($21,474) | ||||||||
Gross margin | $27,400 | $26,700 | ||||||||
*Calculation of sales: | ||||||||||
Date | Units | Rate | Cost | |||||||
10-Jan | 250 | $43.40 | $10,850 | |||||||
15-Mar | 400 | $43.40 | $17,360 | |||||||
5-Oct | 460 | $43.40 | $19,964 | |||||||
Total sales | $48,174 | |||||||||
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 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. 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...
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. 250 units @ $12.00 = $ 3,000 200 units @ $42.00 400 units @ $17.00 = 6,800 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 360 units @ $42.00 450 units @ $22.00 =...
Help needed 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,...
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....
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 @ $19 = $ 2,888 150 units @ $40 358 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 @ $40 458 units...
Check 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 230 units @ $11.20 = $ 2,576 350 units @ $16.20 = 5,670 Date Activities Jan. 1 Beginning inventory Jan. 10 Sales Mar. 14 Purchase Mar. 15 Sales July30 Purchase Oct. 5 Sales Oct. 26 Purchase Totals 160 units @ $41.20 320 units @ $41.20 400 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 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. 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....