Homework isDateJanuary 1January 10March 14March 15July 30October 5October 26.DateRequired information[The following information applies to the questions displayed below.]Hemming Company reported the following current-year purchases and sales for its only product.Units Acquired at Cost@$13.20 =@$18.20 =@$23.20 =@$28.20ActivitiesBeginning inventorySalesPurchaseSalesPurchase.SalesPurchase.Totalsa) Cost of Goods Sold using Specific IdentificationAvailable for SaleActivitySaved# of units< PAY280 units460 units480 units180 units1,400 unitsCost Per # of unitsUnitsold6 of 7=$3,696Next >8,37211,1365,076$28,280Cost of Goods SoldCost PerUnitHemming uses a periodic inventory system. Ending inventory consists of 40 units from the March 14 purchase, 80 units fromthe July 30 purchase, and all 180 units from the October 26 purchase. Using the specific identification method, calculate thefollowing.HelpCOGSSave & Exit SubreUnits Sold at Retail240 units410 units450 units1,100 unitsCheck my workEndingInventoryUnits@ $43.20@$43.20@$43.20Ending InvenCost Per Unit▸

Name: Homework isDateJanuary 1January 10March 14March 15July 30October 5Oct
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Description: Homework isDateJanuary 1January 10March 14March 15July 30October 5October 26.DateRequired information[The following information applies to the questions displayed below.]Hemming Company reported the following current-year purchases and sales for its

Cost of goods sold = Opening stock + Purchases - Closing Stock

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S Required information [The following information applies to the questions displayed below.] Hemming Company reported the following current-year purchases and sales for its only product. Date January 1 January 10. March 14 Activities Beginning inventory Sales Purchase Sales March 15 July 30 October 5 October 26 Purchase Sales Purchase Totals a) Cost of Goods Sold using Specific Identification Available for Sale Date Activity Units Acquired at Cost @ $13.20 @ $18.20 = @ $23.20 @ $28.20 # of units 280 units 460 units. 480 units 180 units 1,400 units B Cost Per # of units Unit sold $ 3,696 8,372 11,136 5,076 $ 28,280 Cost of Goods Sold Cost Per Unit Hemming uses a periodic inventory system. Ending inventory consists of 40 units from the March 14 purchase, 80 units from the July 30 purchase, and all 180 units from the October 26 purchase. Using the specific identification method, calculate the following. Units Sold at Retail COGS 240 units 410 units 450 units 1,100 units @ $43.20 @$43.20 @ $43.20 Ending Inventory Units Ending Inver Cost Per Unit ▸

S Required information [The following information applies to the questions displayed below.] Hemming Company reported the following current-year purchases and sales for its only product. Date January 1 January 10. March 14 Activities Beginning inventory Sales Purchase Sales March 15 July 30 October 5 October 26 Purchase Sales Purchase Totals a) Cost of Goods Sold using Specific Identification Available for Sale Date Activity Units Acquired at Cost @ $13.20 @ $18.20 = @ $23.20 @ $28.20 # of units 280 units 460 units. 480 units 180 units 1,400 units B Cost Per # of units Unit sold $ 3,696 8,372 11,136 5,076 $ 28,280 Cost of Goods Sold Cost Per Unit Hemming uses a periodic inventory system. Ending inventory consists of 40 units from the March 14 purchase, 80 units from the July 30 purchase, and all 180 units from the October 26 purchase. Using the specific identification method, calculate the following. Units Sold at Retail COGS 240 units 410 units 450 units 1,100 units @ $43.20 @$43.20 @ $43.20 Ending Inventory Units Ending Inver Cost Per Unit ▸

Survey of Accounting (Accounting I)

8th Edition

ISBN:9781305961883

Author:Carl Warren

Publisher:Carl Warren

Chapter6: Receivables And Inventories

Section: Chapter Questions

Problem 6.4.1P: Inventory by three cost flow methods Details regarding the inventory of appliances on January 1,...

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Calculate the lowe, st-or-market c (a) Inventory a ACCT101_FEX_2021_2_Male A company reported the following data related to its ending inventory 957 95 95abe be1 3 SR1,100 Product Per Market Total on Hand Unit Cost Total abes 33 Cost 100 SR10 SR1,000 75 5a 18 20 16 95abe18ce 14 1,200 60 1,050 95abe18ce33 14 13 840 40 780 640 800 .ce3 the lower-of-cost-or-market on the: SR3,680 SR3,730 Calculate (a) Inventory as a whole (b) inventory applied separately to each product. 95abe1e 95abe18ce 33 MacBook Pro 95abe F3 000 F4 F5 F6 F7 50 DII & F8 6 7 7 V DD F9 T 8A F10 **** Y Co **** U **** **** O [P1 6E 6. R SA4 II
Lower-of-Cost-or-Market Inventory Data on the physical inventory of Ashwood Products Company as of December 31 follow: Description InventoryQuantity Market Value per Unit (Net Realizable Value) B12 38 $ 57 E41 18 180 G19 33 126 L88 18 550 N94 400 7 P24 90 18 R66 8 250 T33 140 20 Z16 15 752 Quantity and cost data from the last purchases invoice of the year and the next-to-the-last purchases invoice are summarized as follows: LastPurchases Invoice Next-to-the-LastPurchases Invoice Description QuantityPurchased UnitCost QuantityPurchased UnitCost B12 30 $ 60 30 $ 59 E41 35 178 20 180 G19 20 128 25 129 L88 10 563 10 560 N94 500 8 500 7 P24 80 22 50 21 R66 5 248 4 260 T33 100 21 100 19 Z16 10 750 9 745…
Lower-of-cost-or-market inventory Data on the physical inventory of Ashwood Products Company as of December 31 follow: Description InventoryQuantity Market Value per Unit(Net Realizable Value) B12 38 $57 E41 18 180 G19 33 126 L88 18 550 N94 400 7 P24 90 18 R66 8 250 T33 140 20 Z16 15 752 Quantity and cost data from the last purchases invoice of the year and the next-to-the-last purchases invoice are summarized as follows: Description LastPurchasesInvoiceQuantityPurchased LastPurchasesInvoiceUnit Cost Next-to-the-LastPurchasesInvoiceQuantityPurchased Next-to-the-LastPurchasesInvoiceUnit Cost B12 30 $60 30 $59 E41 35 178 20 180 G19 20 128 25 129 L88 10 563 10 560 N94 500 8 500 7 P24 80 22 50 21 R66 5 248 4 260 T33 100 21 100 19 Z16 10 750 9 745 Required: Determine the inventory at cost and also at the lower of cost or market applied on an item-by-item basis, using the first-in, first-out method. Record the appropriate unit costs on the…
Data on the physical inventory of Katus Products Co. as of December 31 follow: Market Value per Unit (Net Realizable Value) $ 56 Inventory Item Inventory Quantity A54 37 C77 24 178 F66 30 132 H83 21 545 K12 375 Q58 90 18 S36 235 20 V97 140 Y88 744 17 Quantity and cost data from the last purchases invoice of the year and the next-to-the-last purchases invoice are summarized as follows: Last Next-to-the-Last Purchases Invoice Purchases Invoice Quantity Unit Purchased Cost Unit Inventory Item Quantity Purchased Cost $ 60 A54 30 40 $58 C7 25 174 15 180 F66 20 130 15 128 H83 547 15 540 K12 500 500 Q58 75 25 80 26 S36 256 4 260 V97 100 17 115 16 Y88 10 750 740 Instructions Determine the inventory at cost as well as at the lower of cost or market, using the first-in, first-out method. Record the appropriate unit costs on the inventory sheet and complete the pricing of the inventory. When there are two different unit costs applicable to an item: 1. Draw a line through the quantity and insert…