1 ! , ints Required information [The following information applies to the questions displayed below.] Hemming Company reported the following current-year purchases and sales for its only product. 04:38:12 Date Activities January 1 January 10 Beginning inventory Units Acquired at Cost 200 units Units Sold at Retail Sales March 14 March 15 Purchase Sales 350 units @ $15 @ $10 = $ 2,000 5,250 150 units 300 units @ $40 @ $40 eBook July 30 October 5 October 26 Purchase Sales Purchase Totals 450 units @ $20 9,000 430 units @ $40 100 units 1,100 units @ $25 2,500 $ 18,750 880 units Hint Print Required: References 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 profit for FIFO method and LIFO method. Required 1 Required 2 Required 3 Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. Goods Purchased Perpetual FIFO: Cost of Goods Sold Date # of units Cost per unit # of units sold Cost per Cost of Goods unit Inventory Balance Cost per # of units Sold unit Inventory Balance January 1 January 10 March 14 Total March 14 March 15 Total March 15 July 30 Total July 30 October 5 Total October 5 October 26 Totals < Required 1 Required 2 > Required 1 Required 2 Required 3 Determine the costs assigned to ending inventory and to cost of goods sold using LIFO. Goods Purchased Perpetual LIFO: Cost of Goods Sold Date # of units Cost per # of units unit sold Cost per Cost of Goods unit Sold # of units Inventory Balance Cost per unit Inventory Balance January 1 January 10 March 14 Total March 14 March 15 Total March 15 July 30 Total July 30 October 5 Total October 5 October 26 Totals < Required 1 Required 3 > Required information [The following information applies to the questions displayed below.] Hemming Company reported the following current-year purchases and sales for its only product. Date January 1 Activities Beginning inventory Units Acquired at Cost 200 units @ $10 Units Sold at Retail $ 2,000 January 10 Sales 150 units @ $40 March 14 March 15 Purchase Sales 350 units @ $15 5,250 300 units @ $40 July 30 Purchase 450 units @ $20 9,000 October 5 Sales 430 units @ $40 October 26 Purchase Totals 100 units 1,100 units @ $25 2,500 $ 18,750 880 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 profit for FIFO method and LIFO method. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Compute the gross profit for FIFO method and LIFO method. Sales revenue Less: Cost of goods sold Gross profit FIFO LIFO < Required 2 Required 3 >