2 Exercise 5-7 Perpetual: Inventory costing methods-FIFO and LIFO LO P1 art 1 of 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. ints eBook Complete this questions by entering your answers in the below tabs. Hint Required 1 Required 2 Required 3 Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. Ask Perpetual FIFO: Goods Purchased # of units unit Cost per Cost of Goods Sold # of units Cost of Goods sold unit Sold Cost per Inventory Balance # of units Inventory unit Balance Cost per References Date January 1 215 @ S 10.60 = s 2.279.00 January 10 March 14 March 15 July 30 October 5 October 26 Totals Check my 2 ! Part 1 of 2 Required Information Use the following information for the Exercises below. (The following information applies to the questions displayed below.) 1 Doints Hemming Co. reported the following current-year purchases and sales for its only product. Units Sold at Retail Units Acquired at Cost 215 units @ $10.60 = $ 2,279 180 units @ $40.60 eBook 320 units @ $15.60 4,992 Date Activities Jan. 1 Beginning inventory Jan. 19 Sales Mar. 14 Purchase Mar. 15 Sales July 30 Purchase Oct. 5 Sales Oct. 26 Purchase Totals 260 units @ $40.60 415 units @ $20.60 8,549 400 units @ $40.60 Hint 115 units @ $25.60 1,065 units 2,944 $18,764 840 units Ask Exercise 5-7 Perpetual: Inventory costing methods-FIFO and LIFO 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 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 # of Cost per units unit Cost of Goods Sold # of units Cost per Cost of Goods sold unit Sold Inventory Balance Cost per # of units unit Balance Inventory Date January 1 215 $ 10.60 = $ 2.279.00 January 10 March 14 March 15