Check my work Required information Use the following information for the Exercises 8-10 below. (Algo) [The following information applies to the questions displayed below.) Hemming Company reported the following current-year purchases and sales for its only product. Units Sold at Retail Units Acquired at Cost 225 units @ $11.00 = $ 2,475 150 units @ $41.00 340 units Date January 1 January 10 March 14 March 15 July 30 October 5 October 26 @ $16.00 = 5,440 Activities Beginning inventory Sales Purchase Sales Purchase Sales Purchase Totals 300 units @ $41.00 425 units @ $21.00 = 8,925 395 units @ $41.00 @ $26.00 = 125 units 1,115 units 3,250 $ 20,090 845 units Exercise 5-8 (Algo) 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 profit for FIFO method and LIFO method. Complete this question by entering your answers in the tabs below. 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 Date Goods Purchased Cost per . Cost per conta Inventory Balance Cost per Inventory 4 min CACH Check my work Required information Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. Perpetual FIFO: Cost of Goods Sold Date Goods Purchased Cost per # of units unit # of units sold cost per cost of Goods Sold Inventory Balance Cost per Inventory # of units unit Balance 225 at $ 11.00 = S 2,475.00 January 1 January 10 150 at S 11.00 = $ 1,650.00 $ $ 11.00 = 340 at $ 16.00 March 14 at $ 11.00 340 at $ 16.00 = 5,440.00 Total March 14 S S 5,440.00 $ at March 15 300 at $11.00 at $ 16.00 $ 11.00 $ 16.00 = 300 3,300.00 4,800.00 8,100.00 = at Total March 15 $ 425 ats 21.00 425 at $ 11.00 = S 4,675.00 July 30 at $ 16.00 $ 21.00 at Total July 30 $ 4,675.00 395 October 5 5 at 0.00 at $ 16.00 $ 16.00 $ 21.00 at 0.00 at $ 21.00 Total October 5 125 ats $ 26.00 at $ 16.00 October 26 at $ 21.00 at $ 26.00 Totals $ 9,750.00 Required 1 Required 2 Required 3 Determine the costs assigned to ending inventory and to cost of goods sold using LIFO. Perpetual LIFO: Cost of Goods Sold # of units Cost per Cost of Goods sold unit Sold Goods Purchased Cost per # of units unit Date Inventory Balance Cost per # of units Inventory unit Balance January 1 January 10 March 14 Total March 14 March 15 Total March 15 July 30 Total July 30 October 5 Total October 5 October 26 Totals $ 0.00 Becurized1 Decuired2 300 units @ $41.00 425 units @ $21.00 March 15 July 30 October 5 October 26 8,925 Sales Purchase Sales Purchase Totals 395 units @ $41.00 @ $26.00 = 125 units 1,115 units 3,250 $ 20,090 845 units Exercise 5-8 (Algo) 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 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
