1rt 1 of 256its01:23:07Required information[The following information applies to the questions displayed below.]Hemming Company reported the following current-year purchases and sales for its only product.ActivitiesBeginning inventorySalesPurchaseSales.PurchaseSalesPurchaseTotalsDateJanuary 1January 10March 14March 15July 30October 5October 26Required:Hemming uses a perpetual inventory system.Required 1Required 2 Required 3DateUnits Acquired at Cost300 units @ $14.00- -520 units @ $19.00 =Complete this question by entering your answers in the tabs below.Goods Purchased500 units# of units200 units1,520 unitsCost per # of unitssoldunit1. 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 profit for FIFO method and LIFO method.Determine the costs assigned to ending inventory and to cost of goods sold using LIFO.Perpetual LIFO:Cost of Goods Sold@ $24.00-@ $29.00< PrevATITINCost per Cost of GoodsunitSold$ 4,20012 of 6MacBook Pro9,88012,0005,800$ 31,880# of units‒‒‒wwwUnits Sold at Retail250 units460 units480 units1,190 unitsInventory BalanceCost perunitNext >@ $44.00InventoryBalance@ $44.00@ $44.00

Gross profit is the calculation of deduction of cost of goods sold from the sales of the company. It…

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Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter6: Cost Of Goods Sold And Inventory

Section: Chapter Questions

Problem 44E: Perpetual and Periodic Inventory Systems Below is a list of inventory systems options. a. Perpetual...

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Refer to RE6-5. Assume Longmire uses a perpetual inventory system. Prepare the related journal entries for Longmire Sons.
Beginning inventory, purchases, and sales for WCS12 are as follows: Assuming a perpetual inventory system and using the weighted average method, determine (a) the weighted average unit cost after the October 22 purchase, (b) the cost of the merchandise sold on October 29, and (c) the inventory on October 31.
Calculate a) cost of goods sold, b) ending inventory, and c) gross margin for A76 Company, considering the following transactions under three different cost allocation methods and using perpetual inventory updating. Provide calculations for first-in, first-out (FIFO).
Compare the calculations for gross margin for A76 Company, based on the results of the perpetual inventory calculations using FIFO, LIFO, and AVG.
Calculate a) cost of goods sold, b) ending inventory, and c) gross margin for A76 Company, considering the following transactions under three different cost allocation methods and using perpetual inventory updating. Provide calculations for last-in, first-out (LIFO).
Perpetual and Periodic Inventory Systems Below is a list of inventory systems options. a. Perpetual inventory system b. Periodic inventory system c. Both perpetual and periodic inventory systems Required: Match each option with one of the following: 1. Only revenue is recorded as sales are made during the period; the cost of goods sold is recorded at the end of the period. 2. Cost of goods sold is determined as each sale is made. 3. Inventory purchases are recorded in an inventory account. 4. Inventory purchases are recorded in a purchases account. 5. Cost of goods sold is determined only at the end of the period by subtracting the cost of ending inventory from the cost of goods available for sale. 6. Both revenue and cost of goods sold are recorded during the period as sales are made. 7. The inventory is verified by a physical count.
Beginning inventory, purchases, and sales for WCS12 are as follows: Assuming a perpetual inventory system and using the weighted average method, determine (a) the weighted average unit cost after the October 22 purchase, (b) the cost of goods sold on October 29, and (c) the inventory on October 31.
EAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress3false Beginning inventory, purchases, and sales for an inventory item are as follows: Sept. 1 Beginning Inventory 22 units @ $12 5 Sale 12 units 17 Purchase 21 units @ $13 30 Sale 19 units Assuming a perpetual inventory system and the last-in, first-out method, determine (a) the cost of the merchandise sold for the September 30 sale ar (b) the inventory on September 30. a. Cost of merchandise sold 391 b. Inventory, September 30 %$4 537 Previous Next 3:3 5/9/
Which of the following items will be included in the inventory note?Itrading inventory of R58900 II trading inventory of R62490 III stationary on hand R60 IV Stationary expense A.i and ii B.ii and iv C.ii and iii D.All of the above
The following table shows some selected financial information of ABC Company. Gross sales. . OMR 227000, Sales returns and discounts.... OMR 27000. Opening Inventory..OMR 5000 Total Purchases.. OMR 155000 Purchase returns... OMR 5000 Closing Inventory.. OMR 15000 According to the given information, which of the following shows the correct Average Inventory processing period (AIP)? Select one: O a. 52.14 Days O b. 20.16 Days O c. 36.5 Days O d. 26.07 Days
Beginning inventory, purchases, and sales for Item MMM8 are as follows: November 1 Inventory 102 16 9 Sale 89 16 Purchase 128 0 25 Sale 83 Assuming a perpetual inventory system and using the Last-in, first-out (FIFO) method, determine the inventory value on November 30.
Suppose the following:Beginning Inventory = 11257Ending Inventory= 12407Beginning Receivables = 6167Ending Receivables = 6879Beginning Payables = 8498Ending Payables = 8829Credit Sales = 93480Cost of Goods Sold = 72325Calculate the following (round final answers to 2 decimal places):Operating Cycle = daysCash Cycle = days

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