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Connect x f Facebook Secure https://newconnect.mheducation.com/flow/connect.html Ch 05 Ex 5-9 Help Save & Exit Submit Seved Check my work Required information Use the following information for the Exercises below The following information applies to the questions displayed below. Hemming Co. reported the following current-year purchases and sales for its only product. 20 points eBook Hint ActivitiesUnits Acquired at Cost Date an. 1 Beginning inventory Jan. 1e Sales Mar. 14 Purchase Mar. 15 Sales July 30 Purchase Oct. 5 Sales Oct.26 Purchase 215 units $10.60$ 2,279 320 units $15.604,992 415 units $28.68,549 115 units S25.602,944 Units Sold at Retail 180 units $40.60 268 units $48.60 400 units $40.60 Ask Print Totals 1,865 units $18,764 4 nits Exercise 5-9A Periodic: Inventory costing system LO P3 Pre of 1l Next Graw R847 PM 3/21/2018

Explanation / Answer

FIFO Cost of goods available for sale Cost of good sold Partculars No of units Cost per unit Cost of goods available for sale No of units Cost per unit Cost of Good sold No. of units in ending Inventory Cost per unit Ending Inventory beg Inventory 215 $10.60 $2,279.00 215 $10.60 $2,279.00 Purchases 14-Mar 320 15.6 $4,992.00 320 $15.60 $4,992.00 30-Jul 415 20.6 $8,549.00 313 20.6 $6,447.80 102 20.6 $2,101.20 26-Oct 115 25.6 $2,944.00 115 25.6 $2,944.00 1065 18764 848 13718.8 217 5045.2 rounded off 13719 5045 Ending Inventory units-=1065-848 217 LIFO Cost of goods available for sale Cost of good sold Partculars No of units Cost per unit Cost of goods available for sale No of units Cost per unit Cost of Good sold No. of units in ending Inventory Cost per unit Ending Inventory beg Inventory 215 $10.60 $2,279.00 215 $10.60 $2,279.00 Purchases 14-Mar 320 15.6 $4,992.00 318 $15.60 $4,960.80 2 15.6 $31.20 30-Jul 415 20.6 $8,549.00 415 20.6 $8,549.00 26-Oct 115 25.6 $2,944.00 115 25.6 $2,944.00 1065 18764 848 16453.8 217 2310.2 rounded off 16454 2310 ans c FIFO LIFO Sales 34428.8 34428.8 (848*40.6) Less: cost pf good sold 13718.8 16453.8 Gross margin 20710 17975

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