4..pdf - Score 10/10 Points 100[The following information...

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4.Award: 2 out of 2.00 points2 out of 2.00 points[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 inventory230 units@ $11.20=$ 2,576 Jan. 10 Sales160 units@ $41.20Mar. 14 Purchase350 units@ $16.20=5,670 Mar. 15 Sales320 units@ $41.20July 30 Purchase430 units@ $21.20=9,116 Oct.5 Sales400 units@ $41.20Oct. 26 Purchase130 units@ $26.20=3,406 Totals1,140 units$20,768880 unitsRequired:Hemming uses a perpetual inventory system. Assume that ending inventory is made up of 50 units from the March 14 purchase, 80 units from the July 30 purchase,and all 130 units from the October 26 purchase. Using the specific identification method, calculate the following.a) Cost of Goods Sold using Specific IdentificationScore:Score:10/10Points100%Available for SaleCost of Goods SoldEnding InventoryDateActivityUnits Unit CostUnits SoldUnit CostCOGSEnding Inventory UnitsUnit CostEnding Inventory CostJan. 1

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