Chapter 5 Additional Problems. Required Seveda Help 4 35 points 0156 08 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 Date Activities Units Acquired at cost Units sold at Retail Jan. 1 Beginning inventory 200 unita # $10 - $ 2,000 Jan. 10 Sales 150 units # $40 Mar.14 Purchase 350 units # $15 5,250 Mar.15 Sales 300 units $40 July30 Purchase 450 units $20 9,000 Oct. 5 Sales 430 units $40 Oct.26 Purchase 100 units $25 2,500 Totals 1,100 units $18,750 880 unite Book Hint ASK Exercise 5-9 A Periodic: Inventory costing system LO P3 Print Required: 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 margin for each method. Cost of Goods Sold a) Periodic FIFO Cost of Goods Available for Sale Cost of Goods Cost per # of units unit Available for Sale of units Cost per sold unit Cost of Goods Sold Ending Inventory #of units Cost Ending in ending per unit inventory inventory Mc Graw Hill Chapter 5 Additional Problems. Required Help Sav 4 Required information Periodic FIFO Cost of Goods Sold 35 points Cost of Goods Available for Sale Cost per Cost of Goods # of units unit Available for Sale of units Cost per sold unit Cost of Goods Sold Ending Inventory #of units Cost in ending Ending Inventory per unit Inventory 8 0155.41 Beginning inventory Purchases March 14 July 30 October 26 Total eBook Hint b) Periodic LIFO Cost of Goods Available for Sale Cost per Cost of Goods # of units Available for Sale Cost of Goods Sold Ending Inventory Hof units # of units Cost per Cost of Cost Ending sold unit Goods Sold In ending per unit Inventory Inventory unit Ask Beginning inventory Purchases March 14 Print July 30 October 26 Total c) Gross Margin FIFO LIFO Mc Graw Hill