ACC 291T Wk 2 - Practice: Connect Knowledge Check (2021 New)
ACC 291T Wk 2 - Practice: Connect Knowledge Check (2021 New)
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ACC 291T Wk 2 - Practice: Connect Knowledge Check (2021 New)
Required information
[The following information applies to the questions displayed below.] Hemming Co. reported the following current-year purchases and sales for its only product.
|
Date
|
Activities
|
Units Acquired at Cost
|
Units Sold at Retail
|
|
|
|
1
|
|
Beginning inventory
|
|
240
|
units
|
@ $11.60
|
=
|
$
|
2,784
|
|
|
|
|
|
|
|
|
10
|
|
Sales
|
|
|
|
|
|
|
|
|
180
|
units
|
@ $41.60
|
|
|
|
|
14
|
|
Purchase
|
|
370
|
units
|
@ $16.60
|
=
|
|
6,142
|
|
|
|
|
|
|
|
|
15
|
|
Sales
|
|
|
|
|
|
|
|
|
330
|
units
|
@ $41.60
|
|
|
|
July
|
30
|
|
Purchase
|
|
440
|
units
|
@ $21.60
|
=
|
|
9,504
|
|
|
|
|
|
|
|
|
5
|
|
Sales
|
|
|
|
|
|
|
|
|
415
|
units
|
@ $41.60
|
|
|
|
|
26
|
|
Purchase
|
|
140
|
units
|
@ $26.60
|
=
|
|
3,724
|
|
|
|
|
|
|
|
|
|
|
Totals
|
|
1,190
|
units
|
|
|
$
|
22,154
|
|
925
|
units
|
|
|
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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~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
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ACC 291T Wk 2 - Practice: Connect Knowledge Check (2021 Ne