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MCS,PHD
Argosy University/ Phoniex University/
Nov-2005 - Oct-2011
Professor
Phoniex University
Oct-2001 - Nov-2016
Hemming Co. reported the following current-year purchases and sales data for its only product.
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| Date | Activities | Units Acquired at Cost | Units Sold at Retail | |||||||||||||
| Â | Jan. | 1 | Â | Beginning inventory | Â | 125 | units | @ $11.00 | = | $ | 1,375 | Â | Â | Â | Â | Â |
| Â | Jan. | 10 | Â | Sales | Â | Â | Â | Â | Â | Â | Â | Â | 115 | units | @$41.00 | Â |
| Â | Mar. | 14 | Â | Purchase | Â | 275 | units | @ $16.00 | = | Â | 4,400 | Â | Â | Â | Â | Â |
| Â | Mar. | 15 | Â | Sales | Â | Â | Â | Â | Â | Â | Â | Â | 165 | units | @$41.00 | Â |
| Â | July | 30 | Â | Purchase | Â | 425 | units | @ $21.00 | = | Â | 8,925 | Â | Â | Â | Â | Â |
| Â | Oct. | 5 | Â | Sales | Â | Â | Â | Â | Â | Â | Â | Â | 275 | units | @$41.00 | Â |
| Â | Oct. | 26 | Â | Purchase | Â | 625 | units | @ $26.00 | = | Â | 16,250 | Â | Â | Â | Â | Â |
| Â | Â Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â |
| Â | Â Â Â | Â | Â | Totals | Â | 1,450 | units | Â | Â | $ | 30,950 | Â | 555 | units | Â | Â |
| Â | Â Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â |
| Â | ||||||||||||||||
Assume that ending inventory is made up of 120 units from the March 14 purchase, 150 units from the July 30 purchase, and all 625 units from the October 26 purchase. Using the specific identification method, calculate the following.
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