Exercise 5-8 Algo Perpetual: Inventory costing methods- FIFO and LIFO LO P1

Required information Use the following information for the Exercises 8-10 below. (Algo) (The following information applies to the questions displayed below.) Hemming Company reported the following current-year purchases and sales for its only product. Units Aequired at Cost 255 unita $12.20 Unita Sold at Retail $ 3.111 210 unit $42.20 Date January 1 January 10 March 14 March 15 July 30 October 5 October 26 410 units $17.20 - 7.052 Activities Beginning inventory Sales Purchase Sales Turchase Sale Purchase Totale 350 units $42.20 455 units $22.20 - 10, 101 430 units 42.20 # $27.20 - 155 units 1.275 units 4,216 24,400 990 unit Exercise 5-8 (Algo) 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 sing LIFO Required information Required 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 Dato Cost per # of units # of units sold Cost of Goods Sold unit January 1 January 10 Cost per Inventory Balance Cost per Inventory unit Balance unit of units March 14 Total March 14 March 15 Total March 15 July 30 Required information July 30 Total July 30 October 5 Total October October 26 Totals Required 2 > Required information 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 Date of units # of units Cost per Cost of Goods Cost per of units Inventory Sold unit Balance January 1 Cost per unit sold unit January 10 March 14 Total March 14 March 15 Total March 15 July 30 Required Information Total March 15 12 July 30 Total July 30 DO October 5 Total October 5 ce October 25 Totals Required information 2. Determine the costs assigned to ending inventory and to cost of goods sold using LIFO. 3. Compute the gross profit for FIFO method and LIFO method. 22 Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Compute the gross profit for FIFO method and LIFO method. FIFO LIFO Sales revenue Loss Cost of goods sold Gross profit ence