FIFO Method | |||||||||
Cost of goods available for sale | Cost of goods sold | Ending inventory | |||||||
Units | cost per unit | Cost of goods availabe for sale($) | Units sold | cost per unit | Cost of goods sold ($) | units in ending inventory | cost per unit | Ending inventory ($) | |
Begening inventory | 295 | 13.80 | 4071.00 | 240 | 13.80 | 3312.00 | 55 | 13.80 | 759.00 |
Purchases | |||||||||
Mar. 14 | 480 | 18.8 | 9024.00 | 420 | 7621.00 | 115 | 18.80 | 2162.00 | |
Jul. 30 | 495 | 23.8 | 11781.00 | 465 | 10492.00 | 145 | 23.80 | 3451.00 | |
Oct. 26 | 195 | 28.8 | 5616.00 | 340 | 26.67 | 9067.00 | |||
Total | 30492 | 21425.00 | 340 | 9067.00 | |||||
LIFO Method | |||||||||
Cost of goods available for sale | Cost of goods sold | Ending inventory | |||||||
Units | cost per unit | Cost of goods availabe for sale($) | Units sold | cost per unit | Cost of goods sold ($) | units in ending inventory | cost per unit | Ending inventory ($) | |
Begening inventory | 295 | 13.80 | 4071.00 | 240 | 13.80 | 3312.00 | 55 | 13.80 | 759.00 |
Purchases | |||||||||
Mar. 14 | 480 | 18.8 | 9024.00 | 420 | 18.80 | 7896.00 | 115 | 1887.00 | |
Jul. 30 | 495 | 23.8 | 11781.00 | 465 | 23.80 | 11067.00 | 145 | 2601.00 | |
Oct. 26 | 195 | 28.8 | 5616.00 | 340 | 24.17 | 8217.00 | |||
Total | 30492 | 22275.00 | 340 | 8217.00 | |||||
Gross margin for each method | |||||||||
Net sales | |||||||||
units sold | sale proce | net sales | |||||||
240 | 43.8 | 10512.00 | |||||||
420 | 43.8 | 18396.00 | |||||||
465 | 43.8 | 20367.00 | |||||||
49275.00 | |||||||||
FIFO | LIFO | ||||||||
Sales | 49275.00 | 49275.00 | |||||||
Cost of goods sold | 21425.00 | 22275.00 | |||||||
Gross margin | 27850.00 | 27000.00 |
Required information Use the following information for the Exercises below. [The following information applies to the...
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. Activities Units Acquired at Cost Date Jan. 1 Beginning inventory Jan. 10 Sales Mar.14 Purchase Mar. 15 Sales July30 Purchase Oct. 5 Sales Oct. 26 Purchase 290 units $13.60 3,944 500 units $18.609,300 490 units $23.60 11,564 190 units $28.605,434 Units Sold at Retail 260 units $43.60 430...
Required information Use the following information for the Exercises below [The following information applies to the questions displayed below.] Hemming Co. reported the following current-year purchases and sales for its only product. Date Activities Units Acquired at Cost an. 1 Beginning inventory Jan. 10 Sales Mar. 14 Purchase Mar. 15 Sales July30 Purchase Oct. 5 Sales Oct. 26 Purchase 250 units @$.12.00 $. 3,000 400 units $17.006,800 450 units $22.00 9,900 150 units $27.004,050 Units Sold at Retail 200 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 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...
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 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...
1 Required Information Use the following information for the Exercises below. The following information applies to the questions displayed below] 12 points Hemming Co. reported the following current-year purchases and sales for its only product eBook Activities Units Acquired at Cost 265 units $12.60 Units Sold at Retail Date Jan. 1 Beginning inventory Jan. 18 Sales Mar.14 Purchase - $ 3,339 225 units $42.60 430 units $17.60 7,568 Hint Mar.15 Sales 37e units $42.60 July 38 Purchase Oct. 5 Sales...
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 295 units @ $13.80 = $ 4,071 240 units @ $43.80 480 units @ $18.80 - 9,024 Date Activities Jan. 1 Beginning inventory Jan. 10 Sales Mar. 14 Purchase Mar. 15 Sales July 30 Purchase Oct. 5 Sales Oct. 26...
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. 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...