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Required information Use the following information for the Exercises 8-10 below. (Algo) [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 2 March 14 March 15 July 30 October 5 October 261 a) Cost of Goods Sold using Specific Identification Available for Sale Less Activities Beginning inventory Sales Purchase Sales Purchase Sales Purchase Totals Date January 1 March 14 July 30 October 26 Activity Beginning Inventory Purchase Purchase Purchase b) Gross Margin using Specific Identification of units Units Acquired at Cost @$10.00- @$15.00- 120.00- @$25.00- 220 330 420 120 1,090 220 units 330 units 420 units 120 units 1,090 units Exercise 6-9 (Algo) Specific identification LO P1 Ending inventory consists of 40 units from the March 14 purchase, 70 units from the July 30 purchase, and all 120 units from the October 26 purchase. Using the specific identification method, calculate the following Cost Per Unit #of units sold 0 $ 2,376 $ $ 5,214 $ $ 8,736 Cost of Goods Sold Cost Per Unit $19,422 0.00 $ 0.00 0.00 0.00 S COGS. 0 0 0 Units Sold at Retall 100 units 280 units 390 units 860 units 10 0 Ending Inventory Units @$40.80 $40.80 0 $40.00 Ending Inventory Cost Per Unit $ $ $ S Ending Inventory Cost 0.00 $ 0.00 0.00 0:00 $ 0 0 0

Required information Use the following information for the Exercises 8-10 below. (Algo) [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 2 March 14 March 15 July 30 October 5 October 261 a) Cost of Goods Sold using Specific Identification Available for Sale Less Activities Beginning inventory Sales Purchase Sales Purchase Sales Purchase Totals Date January 1 March 14 July 30 October 26 Activity Beginning Inventory Purchase Purchase Purchase b) Gross Margin using Specific Identification of units Units Acquired at Cost @$10.00- @$15.00- 120.00- @$25.00- 220 330 420 120 1,090 220 units 330 units 420 units 120 units 1,090 units Exercise 6-9 (Algo) Specific identification LO P1 Ending inventory consists of 40 units from the March 14 purchase, 70 units from the July 30 purchase, and all 120 units from the October 26 purchase. Using the specific identification method, calculate the following Cost Per Unit #of units sold 0 $ 2,376 $ $ 5,214 $ $ 8,736 Cost of Goods Sold Cost Per Unit $19,422 0.00 $ 0.00 0.00 0.00 S COGS. 0 0 0 Units Sold at Retall 100 units 280 units 390 units 860 units 10 0 Ending Inventory Units @$40.80 $40.80 0 $40.00 Ending Inventory Cost Per Unit $ $ $ S Ending Inventory Cost 0.00 $ 0.00 0.00 0:00 $ 0 0 0

Principles of Accounting Volume 1
Principles of Accounting Volume 1
19th Edition
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax
Chapter10: Inventory
Section: Chapter Questions
Problem 4PB: Calculate the cost of goods sold dollar value for B74 Company for the sale on November 20,...
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Required information Use the following information for the Exercises 8-10 below. (Algo) [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 11 January 10 20 March 14 March 15 July 30 October 5 October 261 a) Cost of Goods Sold using Specific Identification Available for Sale Date January 1 March 14 July 30 October 26 Activities Beginning inventory Sales Purchase Sales Purchase Sales Purchase Totals Less Equals Exercise 6-9 (Algo) Specific identification LO P1 Ending inventory consists of 40 units from the March 14 purchase, 70 units from the July 30 purchase, and all 120 units from the October 26 purchase. Using the specific identification method, calculate the following Activity Beginning Inventory Purchase Purchase Purchase b Gross Margin using Specific Identification of units 220 330 420 Units Acquired at Cost @$10.00- @$15.00- $20.00- @$25.00- 120 1,090 220 units 330 units 420 units 120 units 1,090 units Cost Per Unit of units sold Cost of Goods Sold Cost Pet Unit 0 $ $ $ 2,376 5,214 8,736 3,096 $19,422 $ $ 0.00 $ 0.00 0.00 0.00 S Units Sold at Retail 100 units: 280 units 390 units 860 units COGS 0 0 0 0 0 Ending Inventory Units @$40.80 @$40.80 @$40.00 0 Ending Inventory Cost Per Unit Ending Inventory Cost $ $ S S 0.00 $ 0.00 0.00 0:00 $ 0 0 0 0 0
Transcribed Image Text:Required information Use the following information for the Exercises 8-10 below. (Algo) [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 11 January 10 20 March 14 March 15 July 30 October 5 October 261 a) Cost of Goods Sold using Specific Identification Available for Sale Date January 1 March 14 July 30 October 26 Activities Beginning inventory Sales Purchase Sales Purchase Sales Purchase Totals Less Equals Exercise 6-9 (Algo) Specific identification LO P1 Ending inventory consists of 40 units from the March 14 purchase, 70 units from the July 30 purchase, and all 120 units from the October 26 purchase. Using the specific identification method, calculate the following Activity Beginning Inventory Purchase Purchase Purchase b Gross Margin using Specific Identification of units 220 330 420 Units Acquired at Cost @$10.00- @$15.00- $20.00- @$25.00- 120 1,090 220 units 330 units 420 units 120 units 1,090 units Cost Per Unit of units sold Cost of Goods Sold Cost Pet Unit 0 $ $ $ 2,376 5,214 8,736 3,096 $19,422 $ $ 0.00 $ 0.00 0.00 0.00 S Units Sold at Retail 100 units: 280 units 390 units 860 units COGS 0 0 0 0 0 Ending Inventory Units @$40.80 @$40.80 @$40.00 0 Ending Inventory Cost Per Unit Ending Inventory Cost $ $ S S 0.00 $ 0.00 0.00 0:00 $ 0 0 0 0 0
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