ACCT Quiz Lecture 7.pdf - 70 Award 1.00 point Required...

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70. Award: 1.00pointProblems? Adjust credit for all students.Required informationRequired: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.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. Required 1 Required 2 Required 3 $ $ $ $ $ Perpetual LIFO: Goods Purchased Cost of Goods Sold Inventory Balance Date # of units Cost per unit # of units sold Cost per unit Cost of Goods Sold # of units Cost per unit Inventory Balance January 1 200 10.00 January 10 150 10.00 50 March 14 350 15.00 50 350 March 15 50 300 50 July 30 450 20.00 50 50 450 October 5 50 50 430 20 October 26 100 25.00 50 50 20 100 Totals @ = $ 2,000.00 @ = $ 1,500.00 @ $ 10.00 = $ 500.00 @ @ $ 10.00 = $ 500.00 @ $ 15.00 = 5,250.00 $ 5,750.00 @ $ 10.00 = $ 0.00 @ $ 10.00 = $ 500.00 @ $ 15.00 = 4,500.00 @ $ 15.00 = $ 750.00 $ 4,500.00 $ 1,250.00 @ @ $ 10.00 = $ 500.00 @ $ 15.00 = 750.00 @ $ 20.00 = 9,000.00 $ 10,250.00 @ $ 10.00 = $ 0.00 @ $ 10.00 = $ 500.00 @ $ 15.00 = 0.00 @ $ 15.00 = 750.00 @ $ 20.00 = 8,600.00 @ $ 20.00 = 400.00 $ 8,600.00 $ 1,650.00 @ @ $ 10.00 = $ 500.00 @ $ 15.00 = 750.00 @ $ 20.00 = 400.00 @ $ 25.00 2,500.00 $ 14,600.00 $ 4,150.00 F F F F F F F F F F F F F F F F F F F F F F F F F F F F F F F F F F F F F F F F F F F F F F F F F F F F F F F F F F F F F F F F F F

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