Question

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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.

5

Sales

430

units

@ $42.20

Oct.

26

Purchase

155

units

@ $27.20

=

4,216

Totals

1,275

units

$

24,480

990

units

Perpetual LIFO: Goods Purchased Cost of Goods Sold Inventory Balance Date # of units Cost per unit # of units sold Cost per unit Cost of Goods Sold # of units Cost per unit Inventory Balance January 1 255 @ $12.20 = $3,111.00 January 10 March 14 March 15 July 30 October 5 October 26 Totals $0.00

Answer 1

Perpetual LIFO: Goods Purchased Cost of Goods Sold Inventory Balance Date # of units Cost per unit # of units sold Cost per unit Cost of Goods Sold # of units Cost per unit Inventory Balance January 1 255 @ $12.20 = $3,111.00 January 10 210 @ 12.20 = 2,562 45 @ 12.20 = 549 March 14 410 @ 17.20 45 @ 12.20 = 549 410 @ 17.20 = 7,052 March 15 350 @ 17.20 = 6,020 45 @ 12.20 = 549 60 @ 17.20 = 1,032 July 30 455 @ 22.20 45 @ 12.20 = 549 60 @ 17.20 = 1,032 455 @ 22.20 = 10,101 October 5 430 @ 22.20 = 9,546 45 @ 12.20 = 549 60 @ 17.20 = 1,032 25 @ 22.20 = 555 October 26 155 @ 27.20 45 @ 12.20 549 60 @ 17.20 1,032 25 @ 22.20 555 155 @ 27.20 4,216 Totals 1,275 990 $18,128 285 $6,352

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