Requlred Informetlon [The following information applies to the questions display

Question

Requlred Informetlon [The following information applies to the questions displayed below. Hemming Co. reported the following current-year purchases and sales for its only product. Date Jan 1 Beginning inventory Jan. 18 Sales Mar. 14 Purchase Mar. 15 Sales July 30 Purchase Oct. 5 Sales Oct. 26 Purchase Units Sold at Retail 248 units $43.28 418 units $43.28 458 units $43.28 Activities Units Acquired at Cost 280 units $13.28$ 3,696 468 units $18.288,372 480 units $23.2811,136 188 units $28.285,876 Totals 1,488 units $28,280 1,18e units Requlred Hemming uses a periodic inventory system. Assume that ending inventory is 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 (a) the cost of goods sold and (b) the gross profit. Complete this question by entering your answers in the tabs below Cost of GoodsGross Profit Sold Calculate the cost of goods sold. Available for Sale Cost of Goods Sold Ending Inventory Unit Units Cost Unit Cost COGS Inventory Unit Cost Inventory Cost Jan. 1 Beginning Inventory Mar. 14 Purchase July 30 Purchase 0.00S S 0.00 S 0.00 S 0.00 S 0.00S S 0.00 S 0.00 S 0.00 460 Oct. 28 Purchase 180 1.400 K Cost of Goods Sold Gross Profit >

Explanation / Answer

STATEMENT SHOWING INVENTORY RECORD UNDER PERIODIC SPECIFIC IDENTIFICATION METHOD RECIEPTS COST OF GOODS SOLD BALANCE DATE UNITS RATE AMOUNT $ UNITS RATE AMOUNT $ UNITS RATE AMOUNT $ 1-Jan 280 13.2 3696 280 13.2 3696 Purchasse 14-Mar 460 18.2 8372 420 18.2 7644 40 18.2 728 30-Jul 480 23.2 11136 400 23.2 9280 80 23.2 1856 26-Oct 180 28.2 5076 180 28.2 5076 TOTAL 1400 28280 1100 20620 300 7660 Sales revenue 47520 Less: Cost of goods sold 20620 Gross Margin 26900 STATEMENT SHOWING INVENTORY RECORD UNDER PERPETUAL FIFO METHOD RECIEPTS COST OF GOODS SOLD BALANCE DATE UNITS RATE AMOUNT $ UNITS RATE AMOUNT $ UNITS RATE AMOUNT $ 1-Jan 280 13.2 3696 10-Jan 240 13.2 3168 40 13.2 528 14-Mar 460 18.2 8372 40 13.2 528 460 18.2 8372 15-Mar 40 13.2 528 370 18.2 6734 90 18.2 1638 30-Jul 480 23.2 11136 90 18.2 1638 480 23.2 11136 5-Oct 90 18.2 1638 360 23.2 8352 120 23.2 2784 26-Oct 180 28.2 5076 120 23.2 2784 180 28.2 5076 TOTAL 1120 24584 1100 20420 300 7860 STATEMENT SHOWING INVENTORY RECORD UNDER PERPETUAL LIFO METHOD RECIEPTS COST OF GOODS SOLD BALANCE DATE UNITS RATE AMOUNT $ UNITS RATE AMOUNT $ UNITS RATE AMOUNT $ 1-Jan 280 13.2 3696 10-Jan 240 13.2 3168 40 13.2 528 14-Mar 460 18.2 8372 40 13.2 528 460 18.2 8372 15-Mar 410 18.2 7462 40 13.2 528 50 18.2 910 30-Jul 480 23.2 11136 40 13.2 528 50 18.2 910 480 23.2 11136 5-Oct 450 23.2 10440 40 13.2 528 50 18.2 910 30 23.2 696 26-Oct 180 28.2 5076 40 13.2 528 50 18.2 910 30 23.2 696 180 28.2 5076 TOTAL 1120 24584 1100 21070 300 7210 FIFO LIFO Sales revenue 47520 47520 Less: Cost of goods sold 20420 21070 Gross Margin 27100 26450

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