14 10 pros B H P References [The following information applies to the questions displayed below] Hemming Company reported the following current-year purchases and sales for its only product Units Sold at Retail Date January 1 January 10 March 14 March 15 July 30 October 5 Activities Beginning inventory Sales Purchase Sales Purchase October 26 Sales Purchase Totals 275 units Units Acquired at Cost $13.00 $3,575 230 units 450 units $18.00- 8,100 400 units 143.00 0 $43.00 475 units 175 units 1,375 units $23.00- $28.00 10,925 455 units $43.00 4,900 $ 27,500 1,085 units Hemming uses a periodic inventory system (a) Determine the costs assigned to ending inventory and to cost of goods sold using FIFO b) Determine the costs assigned to ending inventory and to cost of goods sold using LIFO (c) Compute the gross profit for each method. Periodic FIFO Beginning inventory Purchases March 14 July 30 October 26 Total Check my work Cost of Goods Available for Sale of units Cost per unit Cost of Goods Available for Sale #of units sold Cost per unit Cost of Goods Sold Cost of Goods Sold of units in ending Ending Inventory Cost per unit Ending Inventory Periodic LIFO Cost of Goods Available for Sale Cost of Goods Sold Ending inventory Required information 10 ober 2 H Me odic LIFO Cost of Goods Available for Sale Cost of Goods Sold of units Cost per unit Cost of Goods Available for Sale of units sold Cost per unt Cost of Goods Sold ning inventory H ch 14 y30 ober 26 profe FFO LIFO $ Prev 14 of 18 Next > snding investe Ending Inventory I of units in ending Cost per unit Ending Invent Inventory 10 poi P H 10 10 fes 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 Activities January 1 Beginning Inventory January 10 Sales Units Acquired at Cost 275 units $13.00 hits Sold at Retail $3,575 March 14 230 units March 15 Purchase Sales July 30 October 5 October 26 Purchase Sales Purchase Totals 475 units $18.00- 0523.00- 8,100 400 units $43.00 $43.00 10,925 175 units 1,375 units $28.00- 4,900 $27,500 455 units 1,085 units $43.00 Hemming uses a periodic inventory system. (a) Determine the costs assigned to ending inventory and to cost of goods sold using FIFO (b) Determine the costs assigned to ending inventory and to cost of goods sold using LIFO (c) Compute the gross profit for each method Periodic FIFO Beginning inventory Purchases March 14 July 30 Mc October 2 Total Cost of Goods Available for Sale Cost of Goods Sold Cost of Goods Cost per unit Available for Sale of units sold Cost per unit Cost of Goods Sold of units in ending inventory Ending Inventory Cost per unit Ending I $ ol al March 14 July 30 October 26 Total +Book Periodic LIFO S Cost of Goods Available for Sale Cost of Goods Sold Ending inventory Hin # of units Cost per unit Cost of Goods Available for Sale # of units sold Cost per unit Cost of Goods Sold of units in ending Cost per unit Ending I inventory Prist Beginning inventory Purchases March 14 References July 30 October 26 Total $ $ cl Gross profit FIFO LIFO Mc Graw Prev 14 of 18 Next >