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A company made the following purchases during the year: Jan. 10 Mar. 15 Apr 25 July 30 Oct. 10 15 25 10 20 15 units...
29) Explain why temporary accounts are closed each period. (10 Points) 30) Discuss the difference between...
29) Explain why temporary accounts are closed each period. (10 Points) 30) Discuss the difference between theperiodic and perpetual inventory systems. (10 Points) 31) A company made the following purchases during the year: Jan. 10 Mar. 15 Apr. 25 July 30 Oct. 10 15 25 10 20 15 units at $360 units at S390 units at $420 units at $450 units at $480 On December 31. there were 27 units in ending inventory. These 27 units consisted of 4 from...
(a) Using specific identification, calculate the cost of the ending inventory and cost of goods sold....
(a) Using specific identification, calculate the cost
of the ending inventory and cost of goods sold.
(b) Using FIFO, calculate the cost of the ending
inventory and cost of goods sold.
unting II Assignment Chapter 6 DUE - Monday, January 14th, 2019 @ 8:30 am A company made the following purchases during the yesrs 1. Jan. 10 15 units at $390 Mar. 15 25 units at $420 Apr. 25 10 units at $450 July 3020 units at $480 Oct. 10...
Hemming Co. reported the following current-year purchases and sales for its only product Units Acquired at...
Hemming Co. reported the following current-year purchases and sales for its only product Units Acquired at Cost 265 units $12.60 3,339 Units Sold at Retail Activities Date Jan. 1 Beginning inventory 225 units $42.60 Jan.10 Sales Mar.14 Purchase 430 units $17.60 7,568 370 units $42.60 Mar.15 Sales July 30 Purchase Oct. 5 Sales Oct.26 Purchase 465 units$22.60 10,509 440 units $42.60 165 units $27.60 4,554 1,325 units $25,970 1,035 units Totals Exercise 6-8 Specific identification LO P1 Required: Hemming uses...
Hemming uses a perpetual inventory system. Assume that ending inventory is made up of 55 units...
Hemming uses a perpetual inventory system. Assume that ending
inventory is made up of 55 units from the March 14 purchase, 70
units from the July 30 purchase, and all 165 units from the October
26 purchase. Using the specific identification method, calculate
the following.
Hemming Co. reported the following current-year purchases and sales for its only product. Units Sold at Retail Units Acquired at Cost 265 units @ $12.60 = $ 3,339 225 units @ $42.60 Date Activities Jan....
Lopez Company reported the following current-year data for its only product. The company uses a periodic...
Lopez Company reported the following current-year data for its only product. The company uses a periodic inventory system, and its ending inventory consists of 390 units—130 from each of the last three purchases. Jan. 1 Beginning inventory 230 units @ $3.20 = $ 736 Mar. 7 Purchase 500 units @ $3.75 = 1,875 July 28 Purchase 1,140 units @ $3.70 = 4,218 Oct. 3 Purchase 1,020 units @ $4.60 = 4,692 Dec. 19 Purchase 440 units @ $4.10 = 1,804...
Urban Glam Cosmetics made purchases of lipstick in the current year as follows: Jan. 1 Beginning...
Urban Glam Cosmetics made purchases of lipstick in the current year as follows: Jan. 1 Beginning inventory Mar. 14 Purchased July 30 Purchased Units available for sale Cost of goods available for sale 75 units @ $12.00 = $ 900 250 units @ $13.00 3,250 500 units @ $14.00 7,000 825 units $11, 150 Urban Glam Cosmetics made sales on the following dates at a selling price of $35 per unit: Assume that Urban Glam Cosmetics uses the specific identification...
Hemming Co. reported the following current-year purchases and sales for its only product. Date Jan. 1...
Hemming Co. reported the following current-year purchases and sales for its only product. Date Jan. 1 Beginning inventory Jan. 10 Sales Mar. 14 Purchase Mar. 15 Sales July 30 Purchase Oct. 5 Sales Oct. 26 Purchase Activities Units Acquired at Cost 35 units $11.40$ 1,539 285 units$16.404,674 435 units $21.40 9,309 635 units$26.40 Units Sold at Retail 25 units $41.40 175 units $41.40 265 units $41.40 Totals 1,490 units 32,286 565 units Hemming uses a periodic inventory system 2. Determine...
Hemming Co. reported the following current-year purchases and sales for its only product. Date Activities Uni...
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
425
units
@ $42.40
Oct.
26
Purchase
160
units
@ $27.40...
Hansen Company uses the per Units Jan 1 Jan 20 July 25 Oct 20 Beginning inventory...
Hansen Company uses the per Units Jan 1 Jan 20 July 25 Oct 20 Beginning inventory Purchase Purchase Purchase Totals enodic inventory system and had the following inventory information able Unit Cost Total cos 100 $3.00 $300 500 $4.00 $2000 100 $5.00 $500 300 $6.00 $1800 S1600 1000 A physical count of inventory revealed 350 a count of inventory revealed 350 units on hand at the end of the 26. If the company uses the FIFO method, COGS for the...
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. 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...
29) Explain why temporary accounts are closed each period. (10 Points) 30) Discuss the difference between theperiodic and perpetual inventory systems. (10 Points) 31) A company made the following purchases during the year: Jan. 10 Mar. 15 Apr. 25 July 30 Oct. 10 15 25 10 20 15 units at $360 units at S390 units at $420 units at $450 units at $480 On December 31. there were 27 units in ending inventory. These 27 units consisted of 4 from...
(a) Using specific identification, calculate the cost
of the ending inventory and cost of goods sold.
(b) Using FIFO, calculate the cost of the ending
inventory and cost of goods sold.
unting II Assignment Chapter 6 DUE - Monday, January 14th, 2019 @ 8:30 am A company made the following purchases during the yesrs 1. Jan. 10 15 units at $390 Mar. 15 25 units at $420 Apr. 25 10 units at $450 July 3020 units at $480 Oct. 10...
Hemming Co. reported the following current-year purchases and sales for its only product Units Acquired at Cost 265 units $12.60 3,339 Units Sold at Retail Activities Date Jan. 1 Beginning inventory 225 units $42.60 Jan.10 Sales Mar.14 Purchase 430 units $17.60 7,568 370 units $42.60 Mar.15 Sales July 30 Purchase Oct. 5 Sales Oct.26 Purchase 465 units$22.60 10,509 440 units $42.60 165 units $27.60 4,554 1,325 units $25,970 1,035 units Totals Exercise 6-8 Specific identification LO P1 Required: Hemming uses...
Hemming uses a perpetual inventory system. Assume that ending
inventory is made up of 55 units from the March 14 purchase, 70
units from the July 30 purchase, and all 165 units from the October
26 purchase. Using the specific identification method, calculate
the following.
Hemming Co. reported the following current-year purchases and sales for its only product. Units Sold at Retail Units Acquired at Cost 265 units @ $12.60 = $ 3,339 225 units @ $42.60 Date Activities Jan....
Urban Glam Cosmetics made purchases of lipstick in the current year as follows: Jan. 1 Beginning inventory Mar. 14 Purchased July 30 Purchased Units available for sale Cost of goods available for sale 75 units @ $12.00 = $ 900 250 units @ $13.00 3,250 500 units @ $14.00 7,000 825 units $11, 150 Urban Glam Cosmetics made sales on the following dates at a selling price of $35 per unit: Assume that Urban Glam Cosmetics uses the specific identification...
Hemming Co. reported the following current-year purchases and sales for its only product. Date Jan. 1 Beginning inventory Jan. 10 Sales Mar. 14 Purchase Mar. 15 Sales July 30 Purchase Oct. 5 Sales Oct. 26 Purchase Activities Units Acquired at Cost 35 units $11.40$ 1,539 285 units$16.404,674 435 units $21.40 9,309 635 units$26.40 Units Sold at Retail 25 units $41.40 175 units $41.40 265 units $41.40 Totals 1,490 units 32,286 565 units Hemming uses a periodic inventory system 2. Determine...
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
425
units
@ $42.40
Oct.
26
Purchase
160
units
@ $27.40...
Hansen Company uses the per Units Jan 1 Jan 20 July 25 Oct 20 Beginning inventory Purchase Purchase Purchase Totals enodic inventory system and had the following inventory information able Unit Cost Total cos 100 $3.00 $300 500 $4.00 $2000 100 $5.00 $500 300 $6.00 $1800 S1600 1000 A physical count of inventory revealed 350 a count of inventory revealed 350 units on hand at the end of the 26. If the company uses the FIFO method, COGS for 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. 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...
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