2 2.5 moints 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 Date Activities Units Acquired at Cost Units Sold at Retail Jan. 1 Beginning inventory 240 units $11.60 + $ 2,784 Jan. 10 Sales 180 units @ $41.60 Mar.14 Purchase 370 units $16.68 = 6, 142 Mar.15 Sales 330 units @ $41.60 July30 Purchase 440 units @ $21.60 = 9,504 Oct. 5 Sales 415 units @ $41.60 Oct. 26 Purchase 140 units @ $26.60 = 3,724 Totals 1,198 units $22,154 925 units eBook Hint Print 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 margin for FIFO method and LIFO method. Complete this questions by entering your answers in the below tabs. Required 1 Required 2 Required 3 Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. Perpetual FIFO: Goods Purchased Cost of Goods Bold Inventory Balance Required information 2 Required 1 Required 2 Required 3 12.5 points Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. Perpetual FIFO Date Goods Purchased #of Cost per units unit Cost of Goods Sold # of units Cost per Cost of Goods sold unit Sold eBook January 1 January 10 Inventory Balance Cost per Inventory # of units unit Balance 240 @ $ 11.60 = $ 2,784.00 Hint 180 @ March 14 60 @ 3701 $16.60 Print 60 @ $16.60 = 996.00 March 15 $ 996.00 References B $ 16.60 0.00 @ July 30 October 5 Saved Amathie RIAR RRR WARRR en hann Required information 2 Required 1 Required 2 Required 3 12.5 points eBook 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 # of Cost per # of units Cost per Cost of Goods Cost per units Inventory unit sold unit # of units Sold unit Balance January 1 240 e $11.60 = $ 2,784.00 January 10 March 14 Hint Print March 15 References July 30 October 5 October 26 eztomheducation.com Module - Macro Model 2013 Chap 05 Homework MO: re 2 July 30 Purchase Oct. 5 Sales Oct.26 Purchase Totals 440 units $21.66 9.504 14 units a $25.60 - 3.724 1,190 units 522,154 415 units 541.60 925 units 125 points 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 UFO method rs: A Hin Complete this questions by entering your answers in the below tabs Required: Required Required Compute the gross margin for FIFO method and uro method FIFO LIFO Sales the cost of Grossman ME Grow HI