12 Part 1 of 2 7.14 points Required Information Use the following information for the Exercises 8-10 below. (Algo) The following information applies to the questions displayed below) Hemming Company reported the following current-year purchases and sales for its only product Date Activities Units Acquired at Cost January 1 Beginning inventory Units sold at Retail 298 units January 10 Sales $13.60 - 53,944 March 14 260 units 543.60 Purchase Se units $18.60 9,300 March 15 Sales 430 units 543.60 July 30 Purchase 499 units @ $23.60 11,564 October 5 Sales 470 units 543.60 October 26 Purchase 198 units $28.60 - 5,434 Totals 1.478 units 5 30.242 1,168 units Book 80 Hint Print Exercise 5-8 (Algo) Perpetual: Inventory costing methods-FIFO an LO P1 References 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 Compute the gross profit for FIFO method and LIFO method. $ Sales revenue Less: Cost of goods sold Gross profit FIFO 40.5465 16,746 23.800 $ LIFO 40.546 16.495 24.050 $ Required information Required 1 Required 2 Required 3 $ Determine the costs assigned to ending Inventory and to cost of goods sold using LIFO. Perpetual LIFO: Goods Purchased Cost of Goods Sold Inventory Balance Date Cost per # of units Cost per # of units Cost of Goods Cost per Inventory # of units unit sold unit Sold unit Balance January 1 245) at $ 11.80 = $ 2,891,00 January 10 1901 at $ 11.00 - $ 2,242.00 $ 11.80 = 390) at $ 16.80 55) at $ 11.80 - $ 649.00 March 14 390 at $16.80 6,552.00 Total March 14 $ 7,201.00 350 at $ 11.80 = $ 4,130.00 55 at $ 11.80 March 15 149.00 at $ 16,80 0.00 40 at $ 16.80 672.00 Total March 15 $ 4,130.00 $ 1,321.00 445 at $ 21.00 55 at $ 11,80 $ 649.00 July 30 401 at $ 16,80 672.00 445 at $ 21.80 9.701.00 Total July 30 $ 11,022.00 4391 at $ 11.80 $ 5,180 20 55 at $ 11,805 649.00 October 5 at $ 16.80 0.00 401 at $ 16.80 = 672.00 at $21.80 0.00 445 at $ 21.80 9,701.00 Total October 5 $ 5,180.20 $ 11,022.00 145) at $ 26,80 55 at $ 11,80 = $ 649.00 October 26 401 at $ 16.80 = 672.00 151 at $21.80 - 327.00 145 at $26.80 3,886.00 Totals $ 11,552.20 $ 5,534.00 Required 1 Part 1 of 2 Required 2 Required 3 Determine the costs assigned to ending Inventory and to cost of goods sold using FIFO. 7.14 points Date Goods Purchased Cost per of units Perpetual FIFO Cost of Goods Sold # of units sold Cost per unit Cost of Goods Sold unit Book January 1 January 10 190 at $11.80 - $ 2,242.00 Inventory Balance # of units Cost per Inventory unit Balance 245 at $11.80 $ 2,891.00 55 at $11.80 $ 849.00 55 at $ 1180 = $ 649.00 390 at $ 16,80 = 6,552,00 $ 7.201.00 March 14 390 ats 16.80 Hint Total March 14 Print March 15 55 at $ 295 at $ 11,80 $ 16.80 55 at 390 at 649.00 4,956.00 5,605.00 $ 11.80 $ 16.80 - . Total March 15 $ 649.00 $ 6,552.00 $7.201.00 References $ $ 445) at $ 21.80 July 30 951 at 95 at 445 at $ 1180 $ 16.80 = $ 2180 $ 1.121.00 1.596.00 9.701.00 $ 12,418.00 Total July 30 $ $ October 5 95 at 335 at at $ 11,00 $ 16.80 $ 21.80 1.121.00 5,62800 0.00 6.749.00 at $ 11.80 110 $ 16.00 at $ 21.00 1,848.00 Total October 5 $ $ $ 1,848.00 145 a $26.80 110 at 145 at ot $ 1,298.00 2,436.00 October 20 $11.80 5 10.80 - $ 2180 $26.80 al Totals $ 14,590.00 $ 3.734.00 Required 2 >