Solution 1:
Computation of ending inventory COGS under FIFO - Hemming Co | ||||||||||||
Date | Beginning Inventory | Purchase | Cost of Goods Sold | Ending Inventory | ||||||||
Qty | Rate | Amount | Qty | Rate | Amount | Qty | Rate | Amount | Qty | Rate | Amount | |
1-Jan | 230 | $11.20 | $2,576.00 | 0 | $0.00 | $0.00 | 0 | $0.00 | $0.00 | 230 | $11.20 | $2,576.00 |
10-Jan | 230 | $11.20 | $2,576.00 | 0 | $0.00 | $0.00 | 160 | $11.20 | $1,792.00 | 70 | $11.20 | $784.00 |
14-Mar | 70 | $11.20 | $784.00 | 350 | $16.20 | $5,670.00 | 0 | $0.00 | $0.00 | 70 | $11.20 | $784.00 |
350 | $16.20 | $5,670.00 | ||||||||||
15-Mar | 70 | $11.20 | $784.00 | 0 | $0.00 | $0.00 | 70 | $11.20 | $784.00 | 100 | $16.20 | $1,620.00 |
350 | $16.20 | $5,670.00 | 250 | $16.20 | $4,050.00 | |||||||
30-Jul | 100 | $16.20 | $1,620.00 | 430 | $21.20 | $9,116.00 | 0 | $0.00 | $0.00 | 100 | $16.20 | $1,620.00 |
430 | $21.20 | $9,116.00 | ||||||||||
5-Oct | 100 | $16.20 | $1,620.00 | 0 | $0.00 | $0.00 | 100 | $16.20 | $1,620.00 | 130 | $21.20 | $2,756.00 |
430 | $21.20 | $9,116.00 | 300 | $21.20 | $6,360.00 | |||||||
26-Oct | 130 | $21.20 | $2,756.00 | 130 | $26.20 | $3,406.00 | 0 | $0.00 | $0.00 | 130 | $21.20 | $2,756.00 |
130 | $26.20 | $3,406.00 | ||||||||||
Total | 880 | $14,606.00 | 260 | $6,162.00 |
solution 2:
Computation of ending inventory COGS under LIFO - Hemming Co | ||||||||||||
Date | Beginning Inventory | Purchase | Cost of Goods Sold | Ending Inventory | ||||||||
Qty | Rate | Amount | Qty | Rate | Amount | Qty | Rate | Amount | Qty | Rate | Amount | |
1-Jan | 230 | $11.20 | $2,576.00 | 0 | $0.00 | $0.00 | 0 | $0.00 | $0.00 | 230 | $11.20 | $2,576.00 |
10-Jan | 230 | $11.20 | $2,576.00 | 0 | $0.00 | $0.00 | 160 | $11.20 | $1,792.00 | 70 | $11.20 | $784.00 |
14-Mar | 70 | $11.20 | $784.00 | 350 | $16.20 | $5,670.00 | 0 | $0.00 | $0.00 | 70 | $11.20 | $784.00 |
350 | $16.20 | $5,670.00 | ||||||||||
15-Mar | 70 | $11.20 | $784.00 | 0 | $0.00 | $0.00 | 320 | $16.20 | $5,184.00 | 70 | $11.20 | $784.00 |
350 | $16.20 | $5,670.00 | 30 | $16.20 | $486.00 | |||||||
30-Jul | 70 | $11.20 | $784.00 | 430 | $21.20 | $9,116.00 | 0 | $0.00 | $0.00 | 70 | $11.20 | $784.00 |
30 | $16.20 | $486.00 | 30 | $16.20 | $486.00 | |||||||
430 | $21.20 | $9,116.00 | ||||||||||
5-Oct | 70 | $11.20 | $784.00 | 0 | $0.00 | $0.00 | 400 | $21.20 | $8,480.00 | 70 | $11.20 | $784.00 |
30 | $16.20 | $486.00 | 30 | $16.20 | $486.00 | |||||||
430 | $21.20 | $9,116.00 | 30 | $21.20 | $636.00 | |||||||
26-Oct | 70 | $11.20 | $784.00 | 130 | $26.20 | $3,406.00 | 0 | $0.00 | $0.00 | 70 | $11.20 | $784.00 |
30 | $16.20 | $486.00 | 30 | $16.20 | $486.00 | |||||||
30 | $21.20 | $636.00 | 30 | $21.20 | $636.00 | |||||||
130 | $26.20 | $3,406.00 | ||||||||||
Total | 880 | $15,456.00 | 260 | $5,312.00 |
Solution 3:
Computation of Gross Profit | ||
Particulars | FIFO | LIFO |
Sales | $36,256.00 | $36,256.00 |
Cost of goods sold | $14,606.00 | $15,456.00 |
Gross Profit (Sales - COGS) | $21,650.00 | $20,800.00 |
need it asap ?? help please i had someone help me do it before but most...
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...
Exercises 6 Help Save & 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 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 @ $16.20 = 430 units @ $21.20 – 5,670 9,116 160...
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...
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...
MHE Reader xercises Saved Help Save & Exit 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 Acquired at Cost 230 units @ $11.20 - $ 2,576 Units Sold at Retail 160 units @ $41.29 350 units @ $16.20 - Date Activities Jan. 1 Beginning inventory Jan. 10 Sales Mar. 14 Purchase Mar.15 Sales July 30 Purchase Oct. 5 Sales Oct. 26 Purchase...
Please Help Required information Use the following information for the Exercises below. [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 245 units @ $11.80 = $ 2,891 190 units @ $41.80 390 units @ $16.80 = 6,552 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...
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...
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 Use the following information for the Exercises below. [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 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 Units Sold at Retail 200 units@ $10 = $ 2,800 150 units @ $40 350 units@ $15 = 5,250...
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 =...