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...



Required:
Hemming uses a perpetual inventory system.




2. Determine the costs assigned to ending inventory and to cost of goods sold using LIFO.


Required information<br>[The following information applies to the questions displayed below.]<br>Hemming Co. reported the following current-year purchases and sales for its only<br>product.<br>Activities<br>Units Acquired at Cost<br>300 units @ $14.00<br>Date<br>Units Sold at Retail<br>Jan. 1 Beginning inventory<br>= $ 4,200<br>Jan.10 Sales<br>250 units @ $44.00<br>Mar.14 Purchase<br>520 units @ $19.00<br>9,880<br>Mar.15 Sales<br>460 units @ $44.00<br>July30 Purchase<br>500 units @ $24.00<br>12,000<br>Oct. 5 Sales<br>480 units @ $44.00<br>Oct.26 Purchase<br>200 units @ $29.00<br>5,800<br>Totals<br>1,520 units<br>$31,880<br>1,190 units<br>

Extracted text: 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 300 units @ $14.00 Date Units Sold at Retail Jan. 1 Beginning inventory = $ 4,200 Jan.10 Sales 250 units @ $44.00 Mar.14 Purchase 520 units @ $19.00 9,880 Mar.15 Sales 460 units @ $44.00 July30 Purchase 500 units @ $24.00 12,000 Oct. 5 Sales 480 units @ $44.00 Oct.26 Purchase 200 units @ $29.00 5,800 Totals 1,520 units $31,880 1,190 units
Perpetual FIFO:<br>Goods Purchased<br>Cost of Goods Sold<br>Inventory Balance<br># of<br>units<br>Cost per<br># of units<br>Cost per Cost of Goods<br>Sold<br>Date<br># of units<br>Cost per<br>Inver<br>unit<br>sold<br>unit<br>unit<br>Bali<br>January 1<br>300 @<br>$ 14.00 =<br>$<br>January 10<br>March 14<br>March 15<br>

Extracted text: Perpetual FIFO: Goods Purchased Cost of Goods Sold Inventory Balance # of units Cost per # of units Cost per Cost of Goods Sold Date # of units Cost per Inver unit sold unit unit Bali January 1 300 @ $ 14.00 = $ January 10 March 14 March 15

Jun 11, 2022
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