Question

Check my work because its wrong please

Required Informetlon Use the following information for the Exercises below The following Information applies to the questions displayed below.j 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. 18 Sales Mar.14 Purchase Mar. 15 Sales July 38 Purchase Oct. 5 Sales Oct. 26 Purchase 288 units$18 -2,88 358 units$155,258 458 units$28 9,88 ee units @ $25 2.5ee Units Sold at Retail 158 units $48 388 units $48 430 units $40 Totals 1.180 units $18,758 88 units Exercise 5-8 Specific identification LO P1 Required Hemming uses a perpetual Inventory system. Assume that ending Inventory is made up of 45 units from the March 14 purchase, 75 units from the July 30 purchase, and all 100 units from the October 26 purchase. Using the specific Identification method, calculate the following a) Cost of Goods Sold using Specific Identification Available for Sale Cost of Goods Sold Ending Inventory Ending Ending Unit Units Sold Activity Units Unit Cost COGS Inventory Unit Cost Inventory Units ate Beginning Inventory 200 10.00 350 5 15.00 450 20.00 100 S 25.00 150 10.00 1,500 300 S 15.00 430 20.00 50 S 10.00S 50 5 15.00 20 20.00 500 750 400 4,500 Mar. 14 Purchase July 30Purchase Oct. 26Purchase 8,600 0S 25.00 05 25.00 1,100 880 5 14,600 120 1,650 b) Gross Margin using Specific Identification 535,200 14,075 521,125 Less: Cost of goods sold Equals: Gross margin

Answer 1

a) specific inventory method ending inventory units 200 305 375 cost of goods available for sale cost of goods sold units unit price totaunitsunit price total 10 15 20 25 unit price total 10 15 20 activity opening stock 200 date Jan-01 Mar-14 Jul-30 Oct-26 2000 5250 45 9000 75 2500 100 25 18750 220 675 1500 2500 4675 2000 4575 7500 15 20 350 450 100 1100 purchases purchases purchase total 880 14075

total 40 40 40 rice total sales units jan10 sales mar15 sales oct5 sales total sales 150 300 430 6000 12000 17200 35200 blgross margin using specific identification sales cost of goods sold gross profit 35200 4675 30525