Chapter 5

O 2 Required information The following information applies to the questions displayed below.) Hemming Company reported the following current-year purchases and sales for its only product Date Activities Units Acquired at Cont Units sold at Retail January 1 Beginning inventory 275 units $13.00 - $ 3,575 January 10 Sales 230 units e $43.00 March 14 Purchase 450 units $18.00 - 8,100 March 15 Sales 400 units @ $43.00 July 30 Purchase 475 units $23.00 - 10,925 October 5 Sales 455 units e $43.00 October 26 Purchase 175 unita $28.00 - 4,900 Totals 1,375 units $ 27,500 1,085 units 9:24 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 profit for FIFO method and LIFO method. Complete this question by entering your answers in the tabs below. Proy 1992 of 6 Next > Required 1 Required 2 Required 3 Determine the costs assigned to ending Inventory and to cost of goods sold using FIFO. Perpetual FIFO Cost of Goods Sold # of units sold Cost per unit Cost of Goods Sold Goods Purchased # of units Cost per unit Inventory Balance Cost per Inventory unit Balance Date W of units + 9:06 January 1 January 10 March 14 Total March 14 March 15 Total March 15 July 30 Total July 30 July 30 Total July 30 October 5 Total October 5 October 26 Totals Read 1 Required 2 > Required Information Required 1 Required 2 Required 3 2 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 units Cost per # of units Cost per Cost of Goods Cost per Inventory # of units unit sold unit Sold unit Balance January 1 January 10 8:39 March 14 Total March 14 March 15 Total March 15 July 30 Total July 30 Required Information July 30 Total July 30 October 5 Total October 5 October 26 Totals 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 profit for FIFO method and LIFO method. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Compute the gross profit for FIFO method and LIFO method. FIFO LIFO Sales revenue Less: Cost of goods sold Gross profit