Check my work 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. Units Sold at Retail Units Acquired at Cost 280 units @ $13.20 = $ 3,696 240 units @ $43.20 460 units @ $18.20 = 8,372 Date Activities Jan. 1 Beginning inventory Jan.10 Sales Mar. 14 Purchase Mar.15 Sales July 30 Purchase Oct. 5 Sales Oct.26 Purchase Totals 410 units @ $43.20 480 units @ $23.20 - 11,136 450 units @ $43.20 180 units @ $28.20 1,400 units 5,076 $ 28,280 1,100 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. Proy 3 of 5 HI Next > Required information 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 Date Sold Inventory Balance Cost per Inventory # of units unit Balance 280 @ $ 13.20 = $ 3,696.00 January 1 January 10 March 14 March 15 July 30 es October 5 October 26 Required information Determine the costs assigned to ending inventory and to cost of goods sold using LIFO. Perpetual LIFO: Goods Purchased # of units unit Cost per Cost of Goods Sold # of units Cost per Cost of Goods sold unit Sold Date Inventory Balance Cost per Inventory # of units unit Balance 280 @ $ 13.20 $ 3,696.00 January 1 January 10 March 14 March 15 July 30 October 5 October 26 Totale Hemming Co. reported the following current-year purchases and sales for its only product. Units Sold at Retail Units Acquired at Cost 280 units @ $13.20 = $ 3,696 240 units @ $43.20 460 units @ $18.20 = 8,372 Date Activities Jan. 1 Beginning inventory Jan. 10 Sales Mar.14 Purchase Mar.15 Sales July 30 Purchase Oct. 5 Sales Oct.26 Purchase Totals 410 units @ $43.20 480 units @ $23.20 = 11,136 450 units @ $43.20 180 units @ $28.20 = 1,400 units 5, 076 $28,280 1,100 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 Compute the gross margin for FIFO method and LIFO method. FIFO: LIFO: Sales revenue Less: Cost of goods sold Gross margin
