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. Complete this questions by entering your answers in the below tabs. Required 1Required 2 Required 3 Determine the costs assigned to ending inventory and to cost of goods sold using FIFO oods Purchas Cost of Goods #of units of Goods # of units 1 unit Sold | C ost perl unit | Cos # of units t per Cost Goods unit Cost perInventory Balance Date January 1 January 10 March 14 23011.202,576.00 March 15 July 30 October 5 October 26 Totals S 0.00 Required 1 Required 2 > 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. Complete this questions by entering your answers in the below tabs. Required 1Required 2 Required 3 Determine the costs. assigned to ending, inventory and to.cost of goods sold using LIFO................ Pe al LIFO oods Purchas Cost of Goods #of units ost perl unit | Cos # of units t per Cost of Goods unit Cost perInventory Date # of units Sold unit January 1 January 10 March 14 23011.202,578.00 March 15 July 30 October 5 October 26 Totals S 0.00 Required 1 Required3 > 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. Activities Units Acquired at Cost Units Sold at Retail 230 units@ $11.20 $2,576 350 units@ $16.205,670 430 units@ $21.209,116 130 units@ $26.203,406 Date Beginning inventory Jan1 Jan.10 Sales Mar.14 Purchase Mar.15 Sales July30 Purchase Oct. 5 Sales Oct.26 Purchase 160 units@ $41.20 320 units@ $41.20 400 units@ $41.20 Totals 1,140 units $20,768 880 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 Complete this questions by entering your answers in the below tabs. Required 1 Required 2Required 3 Compute the gross margin for FIFO method and LIFO method FIFO: LIFO: Sales revenue Less: Cost of goods sold Gross margin KRequired 2 Required 3
