FIFO |
Cost of Goods available for sale |
Cost of Goods Sold |
Ending Inventory |
||||||
Units |
Cost/unit |
COG for sale |
Units sold |
Cost/unit |
COGS |
Units |
Cost/unit |
Ending inventory |
|
Beginning Inventory |
205 |
$ 10.20 |
$ 2,091.00 |
205 |
$ 10.20 |
$ 2,091.00 |
0 |
$ 10.20 |
$ - |
Purchases: |
|||||||||
14-Mar |
300 |
$ 15.20 |
$ 4,560.00 |
300 |
$ 15.20 |
$ 4,560.00 |
0 |
$ 15.20 |
$ - |
30-Jul |
400 |
$ 20.20 |
$ 8,080.00 |
280 |
$ 20.20 |
$ 5,656.00 |
120 |
$ 20.20 |
$ 2,424.00 |
26-Oct |
105 |
$ 25.20 |
$ 2,646.00 |
$ 25.20 |
$ - |
105 |
$ 25.20 |
$ 2,646.00 |
|
TOTAL |
1010 |
$ 17,377.00 |
785 |
$ 12,307.00 |
225 |
$ 5,070.00 |
|||
LIFO |
Cost of Goods available for sale |
Cost of Goods Sold |
Ending Inventory |
||||||
Units |
Cost/unit |
COG for sale |
Units sold |
Cost/unit |
COGS |
Units |
Cost/unit |
Ending inventory |
|
Beginning Inventory |
205 |
$ 10.20 |
$ 2,091.00 |
0 |
$ 10.20 |
$ - |
205 |
$ 10.20 |
$ 2,091.00 |
Purchases: |
|||||||||
14-Mar |
300 |
$ 15.20 |
$ 4,560.00 |
280 |
$ 15.20 |
$ 4,256.00 |
20 |
$ 15.20 |
$ 304.00 |
30-Jul |
400 |
$ 20.20 |
$ 8,080.00 |
400 |
$ 20.20 |
$ 8,080.00 |
0 |
$ 20.20 |
$ - |
26-Oct |
105 |
$ 25.20 |
$ 2,646.00 |
105 |
$ 25.20 |
$ 2,646.00 |
0 |
$ 25.20 |
$ - |
TOTAL |
1010 |
$ 17,377.00 |
785 |
$ 14,982.00 |
225 |
$ 2,395.00 |
FIFO |
LIFO |
|
Sales Revenue |
$ 31,557.00 |
$ 31,557.00 |
(-) Cost of Goods Sold (as calculated above) |
$ 12,307.00 |
$ 14,982.00 |
Gross Margin |
$ 19,250.00 |
$ 16,575.00 |
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. 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 205 units 300 units 400 units 105 units $10.20$ 2,091 $15.204,560 $20.208,080 $25.202,646 Units Sold at Retail 160 units $40.20 250 units $40.20 375 units $40.20 Totals 1,010 units $17,377 785 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. 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. 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...
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 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...
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 @ $21.20 - 9,116...
Required information Use the following information for the Exercises below [The following information applies to the questions displayed below.] Hemming Co. reported the following current-year purchases and sales for its only product. Date Activities Units Acquired at Cost an. 1 Beginning inventory Jan. 10 Sales Mar. 14 Purchase Mar. 15 Sales July30 Purchase Oct. 5 Sales Oct. 26 Purchase 250 units @$.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...