Accounting 2301 Chapter 5 Homework - Accounting 2301...

Accounting 2301 Chapter 5 Homework
Connect Accounting
[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 200 units @ $10 = $ 2,000
Jan. 10 Sales 150 units @ $40
Mar. 14 Purchase 350 units @ $15 = 5,250
Mar. 15 Sales 300 units @ $40
July 30 Purchase 450 units @ $20 = 9,000
Oct. 5 Sales 430 units @ $40
Oct. 26 Purchase 100 units @ $25 = 2,500
Totals 1,100 units $
18,75
0
880 units
Hemming uses a periodic inventory system.
1. Determine the costs assigned to ending inventory and to cost of goods sold using FIFO.