Accounting 2301 Chapter 5 Homework - Accounting 2301...

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Accounting 2301 Chapter 5 HomeworkConnect Accounting[The following information applies to the questions displayed below.]Hemming Co. reported the following current-year purchases and sales for its only product.DateActivitiesUnits Acquired at CostUnits Sold at RetailJan.1 Beginning inventory200 units@ $10= $ 2,000Jan. 10 Sales150units@ $40Mar. 14 Purchase350 units@ $15= 5,250Mar. 15 Sales300units@ $40July 30 Purchase450 units@ $20= 9,000Oct.5 Sales430units@ $40Oct. 26 Purchase100 units@ $25= 2,500Totals1,100 units$18,750880 unitsHemming uses a periodic inventory system.1.Determine the costs assigned to ending inventory and to cost of goods sold using FIFO.

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Term
Spring
Professor
Raman
Tags
Accounting, Financial Accounting, Revenue, Goods Sold, gross margin

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