ACC 291T Wk 2 – Practice: Connect Knowledge Check (2021 New)

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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.

DateActivitiesUnits Acquired at CostUnits Sold at Retail
 Jan.1 Beginning inventory 240units@ $11.60=$2,784     
 Jan.10 Sales        180units@ $41.60 
 Mar.14 Purchase 370units@ $16.60= 6,142     
 Mar.15 Sales        330units@ $41.60 
 July30 Purchase 440units@ $21.60= 9,504     
 Oct.5 Sales        415units@ $41.60 
 Oct.26 Purchase 140units@ $26.60= 3,724     
    Totals 1,190units  $22,154 925units  

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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Trey Monson starts a merchandising business on December 1 and enters into the following three inventory purchases. Also, on December 15, Monson sells 30 units for $50 each.

 
Purchases on December 720 units @ $20.00 cost
Purchases on December 1434 units @ $30.00 cost
Purchases on December 2130 units @ $36.00 cost

Required:

Monson uses a perpetual inventory system. Determine the costs assigned to the December 31 ending inventory based on the FIFO method.

Required:

Monson sells 30 units for $50 each on December 15. Monson uses a perpetual inventory system. Determine the costs assigned to the December 31 ending inventory when costs are assigned based on LIFO.

Required:

Monson sells 30 units for $50 each on December 15. Monson uses a perpetual inventory system. Determine the costs assigned to ending inventory when costs are assigned based on the weighted average method. (Round your per unit costs to 2 decimal places.)

Required:

Monson sells 30 units for $50 each on December 15. Of the units sold, 16 are from the December 7 purchase and 14 are from the December 14 purchase. Monson uses a perpetual inventory system. Determine the costs assigned to the December 31 ending inventory when costs are assigned based on specific identification.