O[The following information applies to the questions displayed below.] Hemming Co. reported the following current-year...
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O[The following information applies to the questions displayed below.]
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 180 units @ $13.20 = $ 2,376 Jan. 10 Sales 170 units @ $43.20 Mar. 14 Purchase 330 units @ $18.20 = 6,006 Mar. 15 Sales 220 units @ $43.20 July 30 Purchase 480 units @ $23.20 = 11,136 Oct. 5 Sales 220 units @ $43.20 Oct. 26 Purchase 680 units @ $28.20 = 19,176 Totals 1,670 units $ 38,694 610 units
Hemming uses a perpetual inventory system.
24. Determine the costs assigned to ending inventory and to cost of goods sold using LIFO.
Hemming uses a perpetual inventory system.
24. Determine the costs assigned to ending inventory and to cost of goods sold using LIFO.
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