Homework Answers
Answer------------(A) $60,000
Working
| Sales | $ 170,000.00 |
| Cost of goods sold | $ 110,000.00 |
| Gross profit | $ 60,000.00 |
| FIFO | ||||
| Total Units Avalable for sale | 1200 | |||
| Units Sold | 1000 | |||
| Ending Inventory Units | 200 | |||
| Valuation | ||||
| Ending Inventory | 200 | @ | $ 120.00 | $ 24,000.00 |
| Value Of Ending Inventory | $ 24,000.00 | |||
| Cost of Goods sold | $ 110,000.00 | |||
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LO P1
Required:
Hemming uses a perpetual inventory system.
1. Determine the costs assigned to ending
inventory and to cost of goods sold using FIFO.
2. Determine the costs assigned to ending
inventory and to cost of goods sold using LIFO.
3. Compute the gross margin for FIFO method and
LIFO method.
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LO P1
Required:
Hemming uses a perpetual inventory system.
1. Determine the costs assigned to ending
inventory and to cost of goods sold using FIFO.
2. Determine the costs assigned to ending
inventory and to cost of goods sold using LIFO.
3. Compute the gross margin for FIFO method and
LIFO method.
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