# Determine the cost assigned to ending inventory and

• Homework Help
• maryanddavid
• 7
• 92% (119) 110 out of 119 people found this document helpful

This preview shows page 2 - 4 out of 7 pages.

2. Determine the cost assigned to ending inventory and to cost of goods sold using weighted average. (Round cost per unit to 2 decimal places.)
3. Determine the cost assigned to ending inventory and to cost of goods sold using FIFO. (Roundcost per unit to 2 decimal places.)
4. Determine the cost assigned to ending inventory and to cost of goods sold using LIFO. (Roundcost per unit to 2 decimal places.)
2
Date# of unitsCost per unit# of unitssoldCost per unitCost of Goods Sold# of unitsCost per unitInventory BalanceJanuary 1350@\$11.00=\$3,850.00January 10190@\$11.00=\$2,090.00160@\$11.00=\$1,760.00January 20420@\$10.00160@\$11.00=\$1,760.00420@\$10.00=4,200.00\$5,960.00January 25@\$11.00=\$0.00160 @\$11.00=\$1,760.00345@\$10.00=3,450.0075 @\$10.00=\$750.00\$3,450.00\$2,510.00January 30290@\$9.00160 @\$11.00=\$1,760.0075 @\$10.00=750.00290 @\$9.00=2,610.00Totals\$5,540.00\$5,120.00[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@ \$14.00=\$2,800Jan.10 Sales190units@ \$44.00Mar.14 Purchase350units@ \$19.00=6,650Mar.15 Sales240units@ \$44.00July30 Purchase500units@ \$24.00=12,000 Oct.5Sales200units@ \$44.00Oct.26 Purchase700units@ \$29.00=20,300 Totals1,750 units\$ 41,750 630unitsRequired: Hemming uses a perpetual inventory system.Determine the costs assigned to ending inventory and to cost of goods sold using FIFO.