Ans. 1 | FIFO: | Purchase | Cost of goods sold | Balance | |||||||
Date | Quantity | Rate | Total cost | Quantity | Rate | Total cost | Quantity | Rate | Total cost | ||
1-Jan | 250 | $12.00 | $3,000 | 250 | $12.00 | $3,000 | |||||
10-Jan | 200 | $12.00 | $2,400 | 50 | $12.00 | $600 | |||||
14-Mar | 400 | $17.00 | $6,800 | 50 | $12.00 | $600 | |||||
400 | $17.00 | $6,800 | |||||||||
15-Mar | 50 | $12.00 | $600 | ||||||||
310 | $17.00 | $5,270 | 90 | $17.00 | $1,530 | ||||||
30-Jul | 450 | $22.00 | $9,900 | 90 | $17.00 | $1,530 | |||||
450 | $22.00 | $9,900 | |||||||||
5-Oct | 90 | $17.00 | $1,530 | ||||||||
330 | $22.00 | $7,260 | 120 | $22.00 | $2,640 | ||||||
26-Oct | 150 | $27.00 | $4,050 | 120 | $22.00 | $2,640 | |||||
150 | $27.00 | $4,050 | |||||||||
Total | Cost of goods sold | $17,060 | Ending inventory | $6,690 | |||||||
*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 | 250 | $12.00 | $3,000 | 250 | $12.00 | $3,000 | |||||
10-Jan | 200 | $12.00 | $2,400 | 50 | $12.00 | $600 | |||||
14-Mar | 400 | $17.00 | $6,800 | 50 | $12.00 | $600 | |||||
400 | $17.00 | $6,800 | |||||||||
15-Mar | 360 | $17.00 | $6,120 | 50 | $12.00 | $600 | |||||
40 | $17.00 | $680 | |||||||||
30-Jul | 450 | $22.00 | $9,900 | 50 | $12.00 | $600 | |||||
40 | $17.00 | $680 | |||||||||
450 | $22.00 | $9,900 | |||||||||
5-Oct | 420 | $22.00 | $9,240 | 50 | $12.00 | $600 | |||||
40 | $17.00 | $680 | |||||||||
30 | $22.00 | $660 | |||||||||
26-Oct | 150 | $27.00 | $4,050 | 50 | $12.00 | $600 | |||||
40 | $17.00 | $680 | |||||||||
30 | $22.00 | $660 | |||||||||
150 | $27.00 | $4,050 | |||||||||
Total | Cost of goods sold | $17,760 | Ending inventory | $5,990 | |||||||
*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 | $41,160 | $41,160 | |||||||||
(-) Cost of goods sold | ($17,060) | ($17,760) | |||||||||
Gross margin | $24,100 | $23,400 | |||||||||
*Calculation of sales: | |||||||||||
Date | Units | Rate | Cost | ||||||||
10-Jan | 200 | $42.00 | $8,400 | ||||||||
15-Mar | 360 | $42.00 | $15,120 | ||||||||
5-Oct | 420 | $42.00 | $17,640 | ||||||||
Total sales | $41,160 | ||||||||||
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. 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 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...
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. 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 @...
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. 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@...
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 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...