excercise 5-7 perpetual: inventory costing methods- fifo and lifo lo p1

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 Activities Units Acquired at cont Units sold at Retail Jan. 1 Beginning inventory 245 units $11.80 - $ 2,891 Jan. 10 Sales 190 units # $41.80 390 units $16.80 - 6,552 Mar. 15 sales 350 units $41.80 July30 Purchase 445 units # $21.80 - 9,701 Oct. 5 Sales 430 units $41.80 Oet. 26 Purchase 145 units $26.80 - 3,886 Totals 1,225 unito $23,030 970 unito Date Mar. 14 Purchase 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 1 Required 2 Required Required information Perpetual FIFO: Goods Purchased # of Cost per Date units unit January 1 January 10 March 14 Cost of Goods Sold # of units Cost per Cost of Goods sold Sold unit Inventory Balance Cost per Inventory # of units unit Balance 245 @ $ 11.80 - $ 2,891.00 March 15 July 30 October 5 October 26 Totals $ 0.00 Required: Required 2 > 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 per # of units Cost per Cost of Goods Cost per Date Inventory unit # of units sold unit Sold January 1 245 @ $11.80 - $ 2,891.00 January 10 March 14 units unit Balance March 15 July 30 October 5 October 26 Totals 0.00 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 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