D 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. Date Activities Units Acquired at Cost Units Sold at Retail Jan. 1 Beginning inventory 255 units @ $12.20 = $ 3,111 Jan. 10 Sales 210 units @ $42.20 Mar.14 Purchase 410 units @ $17.20 = 7,052 Mar.15 Sales 350 units @ $42.20 July30 Purchase 455 units @ $22.20 - 10,1e1 Oct. 5 Sales 430 units @ $42.20 Oct.26 Purchase 155 units @ $27.20 = 4,216 Totals 1,275 units $24,480 990 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. Required information 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 Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. Perpetual FIFO: Goods Purchased Cost of Goods Sold Inventory Balance Date # of units Cost per unit # of units sold Cost per unit Cost of Goods Sold # of units Cost per unit $12.20 = Inventory Balance $ 3,111.00 255 @ January 1 January 10 March 14 March 15 July 30 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 margin for FIFO method and LIFO method. Complete this questions by entering your answers in the below tabs. Required 1 Required 2 Required 3 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 #of Cost Date # of units Cost Cost of Goods Cost units Inventory per unit # of units sold per unit Sold per unit Balance January 1 255 @ $ 12.20 = $ 3.111.00 January 10 March 14 March 15 July 30 October 5 October 26 Totals 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. Date Activities Units Acquired at Cost Units sold at Retail Jan. 1 Beginning inventory 255 units @ $12.20 = $ 3, 111 Jan. 10 Sales 210 units @ $42.28 Mar. 14 Purchase 410 units @ $17.20 = 7,052 Mar.15 Sales 350 units @ $42.28 July3e Purchase 455 units @ $22.20 = 10,101 Oct. 5 Sales 438 units @ $42.20 Oct. 26 Purchase 155 units @ $27.20 = 4,216 Totals 1,275 units $24, 480 990 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
