Ans. 1 | FIFO: | Purchase | Cost of goods sold | Balance | ||||||
Date | Quantity | Rate | Total cost | Quantity | Rate | Total cost | Quantity | Rate | Total cost | |
01-Jan | 200 | $10.00 | $2,000 | 200 | $10.00 | $2,000 | ||||
10-Jan | 150 | $10.00 | $1,500 | 50 | $10.00 | $500 | ||||
14-Mar | 350 | $15.00 | $5,250 | 50 | $10.00 | $500 | ||||
350 | $15.00 | $5,250 | ||||||||
15-Mar | 50 | $10.00 | $500 | |||||||
250 | $15.00 | $3,750 | 100 | $15.00 | $1,500 | |||||
30-Jul | 450 | $20.00 | $9,000 | 100 | $15.00 | $1,500 | ||||
450 | $20.00 | $9,000 | ||||||||
05-Oct | 100 | $15.00 | $1,500 | |||||||
330 | $20.00 | $6,600 | 120 | $20.00 | $2,400 | |||||
26-Oct | 100 | $25.00 | $2,500 | 120 | $20.00 | $2,400 | ||||
100 | $25.00 | $2,500 | ||||||||
Total | Cost of goods sold | $13,850 | Ending inventory | $4,900 | ||||||
*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: | Goods Purchased | Cost of goods sold | Inventory Balance (EI) | ||||||
Date | Quantity | Rate | Total cost | Quantity | Rate | Total cost | Quantity | Rate | Total cost | |
01-Jan | 200 | $10.00 | $2,000 | 200 | $10.00 | $2,000 | ||||
10-Jan | 150 | $10.00 | $1,500 | 50 | $10.00 | $500 | ||||
14-Mar | 350 | $15.00 | $5,250 | 50 | $10.00 | $500 | ||||
350 | $15.00 | $5,250 | ||||||||
15-Mar | 300 | $15.00 | $4,500 | 50 | $10.00 | $500 | ||||
50 | $15.00 | $750 | ||||||||
30-Jul | 450 | $20.00 | $9,000 | 50 | $10.00 | $500 | ||||
50 | $15.00 | $750 | ||||||||
450 | $20.00 | $9,000 | ||||||||
05-Oct | 430 | $20.00 | $8,600 | 50 | $10.00 | $500 | ||||
50 | $15.00 | $750 | ||||||||
20 | $20.00 | $400 | ||||||||
26-Oct | 100 | $25.00 | $2,500 | 50 | $10.00 | $500 | ||||
50 | $15.00 | $750 | ||||||||
20 | $20.00 | $400 | ||||||||
100 | $25.00 | $2,500 | ||||||||
Total | Cost of goods sold | $14,600 | Ending inventory | $4,150 | ||||||
*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 | $35,200 | $35,200 | ||||||||
(-) Cost of goods sold | ($13,850) | ($14,600) | ||||||||
Gross margin | $21,350 | $20,600 | ||||||||
*Calculation of sales: | ||||||||||
Date | Units | Rate | Cost | |||||||
10-Jan | 150 | $40.00 | $6,000 | |||||||
15-Mar | 300 | $40.00 | $12,000 | |||||||
05-Oct | 430 | $40.00 | $17,200 | |||||||
Total sales | $35,200 |
p les and sales for saly product. Units Acquired at Cost SIO = 52.000 Units Soldat...
fifo method using the chart ? Exercise 5-7 Perpetual Inventory costing methods FIFO and LIFO Pue Henning Co reported the following current year p hases and sales for its only product Units Sold at Retail 150 units Date Activities Units Acquired at Coat In Beginning inventory200 units SIOS 2.000 la 10 Sales Mar 1 Purchase 350 un 515 5.250 Mar is Sales July 0 Pundide 150 unts $20 = 9.000 Oct Oct 26 Purchase um $25 .900 1.100 $18.750 300...
Hemming Co. reported the following current-year purchases and sales for its only product. Units Acquired at Cost 245 units @ $11.80 - $ 2,891 Units Sold at Retail 190 units @ $41.80 390 units @ $16.80 - 6,552 Date Activities Jan. 1 Beginning inventory Jan. 10 Sales Mar.14 Purchase 2.15 Sales ly 30 Purchase Oct. 5 Sales Oct.26 Purchase Totals 350 units @ $41.80 445 units @ $21.80 - 9,701 430 units @ $41.80 145 units @ $26.80 - 1,225...
Hemming Co. reported the following current-year purchases and sales for its only product. 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 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 - $ 2,000 150 units @...
Hemming Co. reported the following current-year purchases and sales for its only product Units Acquired at Cost 265 units $12.60 3,339 Units Sold at Retail Activities Date Jan. 1 Beginning inventory 225 units $42.60 Jan.10 Sales Mar.14 Purchase 430 units $17.60 7,568 370 units $42.60 Mar.15 Sales July 30 Purchase Oct. 5 Sales Oct.26 Purchase 465 units$22.60 10,509 440 units $42.60 165 units $27.60 4,554 1,325 units $25,970 1,035 units Totals Exercise 6-8 Specific identification LO P1 Required: Hemming uses...
Hemming Co. reported the Tollowing current-year purchases and Sales Top Its Ohly product. Units Sold at Retail Units Acquired at Cost 215 units @ $10.60 = $2,279 180 units @ $40.60 320 units @ $15.60 = 4,992 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 260 units @ $40.60 415 units @ $20.60 = 8,549 400 units @ $40.60 @ $25.60 = 115...
Hemming Co. reported the following current-year purchases and sales for its only product. DateActivitiesUnits Acquired at CostUnits Sold at RetailJan.1Beginning inventory300units@ $14.00=$4,200Jan.10Sales250units@ $44.00Mar.14Purchase520units@ $19.00=9,880Mar.15Sales460units@ $44.00July30Purchase500units@ $24.00=12,000Oct.5Sales480units@ $44.00Oct.26Purchase200units@ $29.00=5,800Totals1,520units$31,8801,190unitsRequired:Hemming uses a perpetual inventory system. 1. Determine the costs assigned to ending inventory and to cost of goods sold using FIFO.2. Determine the costs assigned to ending inventory and to cost of goods sold using LIFO.3. Compute the gross margin for FIFO method and LIFO method.
Date Activities Units Acquired at Cost Units Sold at Retail Mar. 1 Beginning inventory 220 units @ $53.40 per unit Mar. 5 Purchase 285 units @ $58.40 per unit Mar. 9 Sales 380 units @ $88.40 per unit Mar. 18 Purchase 145 units @ $63.40 per unit Mar. 25 Purchase 270 units @ $65.40 per unit Mar. 29 Sales 250 units @ $98.40 per unit Totals 920 units 630 units 3. Compute the cost assigned to ending inventory using (a)...
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...
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. 18 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 = $ 2,000 150 units @ $40 350 units @ $15 = 5,250 300 units @ $40 450 units @ $20...
Hemming Co. reported the following current-year purchases and sales for its only product. Units Acquired at Cost 255 units @ $12.20 = $ 3,111 Units Sold at Retail 210 units @ $42.20 410 units @ $17.20 = 7,052 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 @ $42.20 455 units @ $22.20 = 10,101 430 units @ $42.20 155 units @ $27.20 =...