Question

Required information Use the following information for the Exercises below. [The following information applies to the questions displayed below.] Hemming Co. reported the following current-year purchases and sales for its only product. Units Sold at Retail Units Acquired at Cost 255 units @ $12.20 = $ 3,111 210 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

Answer 1

Answer-

	Perpetual LIFO: Goods Purchased Cost of Goods Sold Inventory Balance Date # of units Cost per unit # of units sold Cost per unit Cost of Goods Sold # of units Cost per unit Inventory Balance January 1 255 @ $12.20 = $3,111.00 January 10 210 @ 12.20 = $2,562.00 45 @ 12.20 = $549.00 March 14 410 @ 17.20 45 @ 12.20 = $549.00 410 @ 17.20 = $7,052.00 March 15 350 @ 17.20 = $6,020.00 45 @ 12.20 = $549.00 60 @ 17.20 = $1,032.00 July 30 455 @ 22.20 45 @ 12.20 = $549.00 60 @ 17.20 = $1,032.00 455 @ 22.20 = $10,101.00 October 5 430 @ 22.20 = $9,546 45 @ 12.20 = $549.00 60 @ 17.20 = $1,032.00 25 @ 22.20 = $555.00 October 26 155 @ 27.20 45 @ 12.20 = $549.00 60 @ 17.20 = $1,032.00 25 @ 22.20 = $555.00 155 @ 27.20 = $4,216.00 Totals 1,020 990 $18,128.00 285 $6,352.00