Exercise 5-7 Perpetual: Inventory costing methods-FIFO and LIFO LOP1

Check my work mode : This shows what is correct or incorrect for the work you have completed so far. It does not indicate completion below 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 Date Activities Unita Aequired at Cost Unita Sold at Retail Jan. 1 Beginning inventory 225 units $11.00 - $ 2.475 Jan. 10 Sales 150 units 341.00 Har .14 Purchase 340 units $16.00 - 5,440 Mar.15 Sales 300 units $41.00 July 30 Purchase 425 units $21.00 - 8,925 Oct. 5 Sales 595 units $41.00 Oct.26 Purchase 125 units $26.00 - 3,250 Totale 1.115 units $20,090 845 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. Answer is not complete. 1 2 of 2 !!! Next > Checi Required information Perpetual UFO: t1 of 2 Goods Purchased Cost per units unit Cost of Goods Sold of units Cost per cost of Goods sald Sold Date of it will January 1 225 Inventory Balance Cost per Inventory Balance @ S 11.00 - $ 2.475.00 || 11.00 @ $ 11.00 @ $ 16.00 January 10 150 @ 511.00 $1,650.00 March 14 3 40 @ $ 16.00 March 15 300 July 30 425 @ $ 21.00 $ 21.00 396 October 26 1 25 @ $26.00 $ 2600 of 2 Next > Ch 05 Ex 5-7 & 8 6 Saved Help Save & Required information Perpetual FIFO: Part 1 of 2 Goods Purchased # of Cost per units unit Cost of Goods Sold of units Cost per Cost of Goods old unit Sold Date s January 1 225 75 Inventory Balance Cost per inventory unit Balance @ $ 11.00 - $ 2.475.00 @ $ 11.00 - $ 825.00 @ $ 11,00 @ $ 16.00 January 10 150 @ $ 11.00 - $ 1.650.00 March 14 3 40 @ $16.00 March 15 July 30 425 @ $ 21.00 $ 21.00 October 5 References October 26 125 @ $26.00 $26.00 12 of 2 Next > Exercise 5-7 Perpetual: Inventory costing methods-FIFO and LIFO LO P1 of 2 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 mthod. ook Complete this questions by entering your answers in the below tabs. int Required 1 Required 2 Required 3 Compute the gross margin for FIFO method and LIFO method. Sales revenue Less: Cost of goods sold Gross margin FIFO: $ 34,645 12,145 $ 22,500 LIFO: $ 3,465 14,745 $ (11,280) Print Required 2 erences