Excerise 5-7 perpetual: inventory costing methods-FIFO and LIFO LO P1

Required information Use the following information for the Exercises below. [The following information apples to the questions displayed below) Hemming Co. reported the following current-year purchases and sales for its only product bate Activities Units Acquired at Cost Units Sold at Metall Jan. 1 Beginning inventory 240 units $11.605 2,784 Jan.10 Sales 180 units 541.60 Mar. 14 Purchase 370 units $16.64 6,142 Mar.15 Sales 330 units 541.60 July 30 Purchase 440 units $21.60 9.504 Oct. 5 Sales 415 units 541.60 Oct.26 Purchase 140 units 526.60 - 3,724 Totals 1,190 units $22,154 925 units 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: Required 2 Required Determine the costs assigned to ending Inventory and to cost of goods sold using FIFO. PerpetualEFO: Goods Purchased # of Cost per units unit Cost of Goods Sold of units Cost per Cost of Goods sold unit Sold Date Cost per Inventory Balance of units Inventory unit Balance 240 5 1160 - 52.75400 January 1 January 10 180 e 541 60 = $ 7,48800 $ 1150 March 14 370 5 1600 $ 1150 $ 1600 March 15 330 5 1160 July 30 140 $2160 5 1160 $2160 Required 1 Required 2 SHAKLEE Required 3 Cost per 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 Date # of units Cost per Cost of Goods Inventory units unit # of units sold unit Sold Balance January 1 240 @ $ 11.60 $ 2,784.00 January 10 March 14 Cost per unit March 15 July 30 October 5 3. Compute the gross margin for FIFO method and LIFO met Complete this questions by entering your answers in th 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