ch 6 10 2.pdf - CH6 HW 10 Required information 10...

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1010CH6 HWRequired information[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 inventory200units@ $10=$ 2,000 Jan.10 Sales150units@ $40Mar.14 Purchase350 units@ $15=5,250 Mar.15 Sales300units@ $40July30 Purchase450 units@ $20=9,000 Oct.5 Sales430units@ $40Oct.26 Purchase100 units@ $25=2,500 Totals1,100 units $18,750 880 units!Required:Hemming uses a perpetual inventory system.1.Determine the costs assigned to ending inventory and to cost of goods sold using FIFO.2.Determine the costs assigned to ending inventory and to cost of goods sold using LIFO.3.Compute the gross margin for FIFO method and LIFO method.pointsAnswer is complete and correct.Complete this question by entering your answers in the tabs below.Determine the costs assigned to ending inventory and to cost of goods sold using LIFO.

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