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Fundamental Accounting Principles 22th Edition by John Wild ,Ken Shaw,Barbara Chiappetta
Edition 22ISBN: 978-0077862275Fundamental Accounting Principles 22th Edition by John Wild ,Ken Shaw,Barbara Chiappetta
Edition 22ISBN: 978-0077862275 Exercise 58
Refer to the information in Exercise 6-7. Ending inventory consists of 45 units from the March 14 purchase, 75 units from the July 30 purchase, and all 100 units from the October 26 purchase. Using the specific identification method, calculate ( a ) the cost of goods sold and ( b ) the gross profit. (Round amounts to cents.)
Reference: Exercise 6-7
Hemming Co. reported the following current-year purchases and sales for its only product.
Required
Hemming uses a perpetual inventory system. Determine the costs assigned to ending inventory and to cost of goods sold using ( a ) FIFO and ( b ) LIFO. Compute the gross margin for each method. (Round amounts to cents.)
Reference: Exercise 6-7
Hemming Co. reported the following current-year purchases and sales for its only product.
Required
Hemming uses a perpetual inventory system. Determine the costs assigned to ending inventory and to cost of goods sold using ( a ) FIFO and ( b ) LIFO. Compute the gross margin for each method. (Round amounts to cents.)
Explanation
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Fundamental Accounting Principles 22th Edition by John Wild ,Ken Shaw,Barbara Chiappetta
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