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Category > Accounting Posted 08 Aug 2017 My Price 5.00

Hemming Co

Hemming Co. reported the following current-year purchases and sales data for its only product.

  

Date Activities Units Acquired at Cost Units Sold at Retail
  Jan. 1   Beginning inventory   125 units @ $11.00 = $ 1,375          
  Jan. 10   Sales                 115 units @$41.00  
  Mar. 14   Purchase   275 units @ $16.00 =   4,400          
  Mar. 15   Sales                 165 units @$41.00  
  July 30   Purchase   425 units @ $21.00 =   8,925          
  Oct. 5   Sales                 275 units @$41.00  
  Oct. 26   Purchase   625 units @ $26.00 =   16,250          
                                  
          Totals   1,450 units     $ 30,950   555 units    
                                  
 

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.

Answers

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Status NEW Posted 08 Aug 2017 04:08 PM My Price 5.00

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