Question

Hemming Co. reported the following current-year purchases and sales for its only product. Units Acquired at Cost 255 units @ $12.20 = $ 3,111 Units Sold at Retail 210 units @ $42.20 410 units @ $17.20 = 7,052 Date Activities Jan. 1 Beginning inventory Jan. 10 Sales Mar.14 Purchase Mar.15 Sales July 30 Purchase Oct. 5 Sales Oct. 26 Purchase Totals 350 units @ $42.20 455 units @ $22.20 = 10,101 430 units @ $42.20 155 units @ $27.20 = 1,275 units 4,216 $ 24,480 990 units rcise 5-7 Perpetual: Inventory costing methods-FIFO and LIFO LO P1

Answer 1

	Cost of goods available for sale			Cost of goods sold			Ending Inventory
Perpetual FIFO	# of units    (A)	Cost per unit	Cost of goods available for sale	# of units sold               (B)	Cost per unit	Cost of goods sold	# of units in ending inventory	Cost per unit	Ending Inventory
Jan-01							255	$    12.20	$          3,111
Jan-10				210	$       12.20	$       2,562	45	$    12.20	$              549
Mar-14	410	$       17.20	$        7,052				45	$    12.20	$              549
							410	$    17.20	$          7,052
Mar-15				45	$       12.20	$           549	105	$    17.20	$          1,806
				305	$       17.20	$       5,246
Jul-30	455	$       22.20	$     10,101				105	$    17.20	$          1,806
							455	$    22.20	$        10,101
Oct-05				105	$       17.20	$       1,806	130	$    22.20	$          2,886
				325	$       22.20	$       7,215
Oct-26	155	$       27.20	$        4,216				130	$    22.20	$          2,886
							155	$    27.20	$          4,216
Total	1,020		$     21,369	990		$     17,378	285		$          7,102