Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. Determine the costs assigned to ending inventory and to cost of goods sold using LIFO . Compute the gross margin for FIFO method and L / (FOmetho) .

Check my work 00 oints 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 eBook Date Activities Jan. 1 Beginning inventory Jan.10 Sales Mar. 14 Purchase Mar.15 Sales July30 Purchase Oct. 5 Sales Oct. 26 Purchase Units Acquired at Cost Units Sold at Retail 2 90 units e $13.60 - $ 3,944 260 units e $43.60 500 units @ $18.60 - 9,300 430 units e $43.60 490 units @ $23.60 - 11,564 470 units e $43.60 190 units @ $28.60 - _ 5,434 1,470 units $30, 2421,160 units Totals References SENSOR Exercise 5-7 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 margin for FIFO method and LIFO method. Complete this questions by entering your answers in the below tabs. Required information requirea requirea 2 requires Determine the costs asigned to ending inventory and to cost of goods sold using PIPO. Perpetual FIFO: Goods Purchased Cost of Goods Sold of Cost per of units Cost per Date Cost of Goods units unit s old unit Inventory Balance of units cost per Inventory unit Balance 290 @ $13.60 - $ 3,944.00 January 1 January 10 March 14 March 15 . July 30 October 5 October 26 Required information Requirea equirea equirea > Determine the costs assigned to ending inventory and to cost of goods sold using LIFO. Perpetual LIFO: Goods Purchased of Cost per units unit cost of Goods Sold of units Cost per cost of Goods sold unit Sold Date Inventory Balance Cost per Inventory of units Balance 290 @ $13.60 - $ 3,944.00 unit January 1 January 10 March 14 March 15 July 30 ( Required Required >