Ch 05 Ex 5.9 Hemmi ng Co, reported the following current-year purchases and sales for...
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Ch 05 Ex 5.9 Hemmi ng Co, reported the following current-year purchases and sales for its only product Jan. 1 Beginning inventory Jan.10 Sales Mar.14 Purchase Mar.15 Sales July30 Purchase Oct. 5 Sales Oct.26 Purchase 275 units $13.003,575 450 units $18.008,100 475 units $23.0010,925 175 units e $28.004.900 230 units $43.00 400 units $43.00 455 units $43.00 20 1,375 units $27,500 1,085 uni ts Totals Exercise 5-9A Periodic: Inventory costing system LO P3 Required: Hemming uses a periodic inventory system. (a) Determine the costs assigned to ending inventory pnd to cost of goods sold using FIFO. (b) Determine the costs assigned to ending inventory and to cost of goods sold using LIFO. (c) Compute the gross margin for each method. Periodic FIFO Cost of Goods Available for Sale Cost of Goods Sold Cost of Goods #Of units! Cost Ending per unit | Cost per Available for soldit posi # of units | Cost per # of units : Cost of |units Cost of . 1 in ending unit Sale Goods Sold Inventory inventory Beginning inventory 275 S 13.00 3,575 275 S 13.00 3,575 March 14 450 $18.00 475 $ 23.00 175 $28.00 8,100 10,925 4,900 450 S 18.00 20 23.00 8,100 July 30 October 26 460 20 $23.00 175 $28.00 460 4,900
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