! 26 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. 01:32:22 Date Activities Jan. 1 Beginning inventory Jan. 18 Sales Mar. 14 Purchase Mar. 15 Sales July 3e Purchase Oct. 5 Sales Oct. 26 Purchase Totals Units Acquired at Cost Units Sold at Retail 298 units @ $13.60 $ 3,944 260 units @ $43.60 500 units $18.60 9,300 430 units @ $43.60 490 units @ $23.60 11,564 478 units @ $43.58 19e units @ $28.60 5,434 1,470 units $30,242 1,168 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 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 AR net nude Dead ME Graw kam 2 - Chapters 5.8 i Saved Required information 26 ENSEM Goods Purchased #ot units unit Cost per Cost of Goods Sold # of units Cost per Cost of Goods sold unit Sold Date Inventory Balance of units Cost per Inventory unit Balance 290 @ $ 13.60 - $ 3.944.00 January 1 ints January 10 2601 @ $ 13.60 $ 3,536.00 30 $ 13,60 = $ 408.00 01:32:09 March 14 500 @ $ 18,60 $ 13.60 = $ 408.00 30 500 S 18.60 = 9,300.00 $ 9,708.00 March 15 - $ 30 @ 400 @ $13.60 $ 18,60 408.00 7.440.00 $ 7,848.00 30 @ 70 @ $ 13.60 - $ 18,60 - $ 408.00 $ 1.302.00 $ 1.710.00 July 30 490 @ $ 23,60 $ 30 70 @ 490) $ 13,60 - $18.60 - $23.60 = 408.00 1,302.00 11.564.00 $ 13,274.00 October 5 o @ 100 @ 370 @ $13.60 $18.60 $23.50 $ 0.00 1,860.00 8,732.00 $ 10,592.00 30 70 120 @ $ 13,60 = $18.60 $ 23,60 = + 408.00 1.302.00 2.832.00 4,542.00 3 October 26 190) @ $ 28.60 $ 408,00 1,302.00 30 70 @ 20 190 $ 13.60 $18.60 = $ 23,60 - $ 28.60 = 472.00 5.434.00 Totals $ 21,976.00 $ 7,616,00 TW Prev 26 of 38 Next > Required information 26 CERRELL Goods Purchased # of Cost per units unit Cost of Goods Sold #of units Cost per Cost of Goods sold unit Sold Date Inventory Balance # of units Cost per Inventory unit Balance 290) $ 13.60 $ 3,944.00 January 1 January 10 01:31:58 March 14 March 15 July 30 October 5 October 26 Totals $ 0.00 7 points Required: Hemming uses a perpetual inventory system. 1. Determine the costs assigned to ending inventory and to cost of goods sold using FIF 2. Determine the costs assigned to ending inventory and to cost of goods sold using LIF 3. Compute the gross margin for FIFO method and LIFO method. 01:31:50 Complete this questions by entering your answers in the below tabs. Required 1 Required 2 Required 3 Compute the gross margin for FIFO method and LIFO method. Sales revenue Less: Cost of goods sold Gross margin FIFO: LIFO: $ 50,576 $ 50,576 21.976 22,626 $ 28,600 $ 27,950
