5-76 Jan. 1 Beginning Required Information Use the following information for the Exercises below. [The following information applies to the questions displayed below.) Hemming Co, reported the following current-year purchases and sales for its only product. Units Sold at Date Activities Units Acquired at Costun caurea LS Retail inventory 238 units $11.2e =$ 2,576 Jan. 10 Sales 16 units Mar. 14 Purchase Mar. 15 Sales July30 Purchase 430 units 321.20= 9,116 Oct. 5 Sales 408 units $41.20 Oct 26 Purchase 130 units 3,486 Totals 1, 148 units $20,768 888 units 350 units 516.20- 5,670 32 units 341.20 Exercise 5-7 Perpetual: Inventory costing methods-FIFO and LIFO LO P1 Required. Hemming uses a perpetual inventory system 1. Determine the costs assigned to enang Inventory and to cost of goods sold using Firo. 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 Required Required 23 Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. Perpetual FIFO: Cost of Goods Sold Inventory Balance Purchased Cost Cost of Inventory per Goods Sold #of units per Balance 570 Required information 1. Determine the costs assigned to ending Inventory and to cost of goods sold using FFO. 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 Required Required 1 2 3 Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. Perpetus FIFO Cost of Goods Sold Inventory Balance LOS OS Cast Date Per units Costor Balance Inventory of units per unit Goods Sold Sold unit per unit January 1 230 @ 11.20 2.576.00 January 10 March 14 March 15 July 30 LULIITTITE THITTTTTTTTT Required information 1. Determine the costs assigned to ending Inventory and to cost of goods sold using FFO. 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 Required Required Determine the costs assigned to ending inventory and to cost of goods sold using LIFO. Perpetual LIFO: Goods Cost of Goods Sold Inventory Balance Purchased Cost Cost of per Inventory per sold # of units per Goods Sold Balance January 1 230 @ 11.20 - 2.576.00 January 10 Cost Date of units # of units Cost unit unit March 14 HI March 15 (Becured Recured > Hemming Co. reported the following current-year purchases and sales for its only product. Date Activities Beginning Units Acquired at Cost =$ 2,576 Retail Jan. 1 inventory 23 e unit 168 units 541.20 Jan. 10 Sales Mar. 14 Purchase 6.20" 5,670 320 units 541.26 438 units $21.20 - 9,116 Mar.15 Sales July30 Purchase Oct. 5 Sales Oct.26 Purchase Totals 408 units 541.26 138 units 526.20 - 3,486 1,148 units $20,768 B8 units Exercise 5-7 Perpetual: Inventory costing methods-FIFO and LIFO LO P1 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 Required Required Compute the gross margin for FIFO method and LIFO method. FIFO Sales revenu Less Cost of goods sold Cross man (Recuired 2
