Exercise 6-7 Perpetual Inventory costing methods FIFO and LIFO LO P1

Rened ifar-Blin- Required 1 -Requl'red 2 -Requl'red 3 Deberrnl'ne the EDEIE assigned to ending inventory and to East of goods sold using FIFO. Pel FIFO: _l--l-I-I- ---------I-I- ============E= ------------- ------------- ------------- ------------- ll]I points Reoulred lnformetlon Use the following information for the Exercises below. {The foowtng Information applies to the questtons displayed below} Hemmlng Co. reported the followlng current-year purchases and sales for Its onlyr product 'lJn't- sum 1:- o\": Bust-ivit-ies Unit-5 LIL-quilted at. Cans-1:- 1 5 a Retail Jan. 1 Beginning invent-nary EEIEI 1.1.nit-s E- 51E| = S 3,|:|II|E| III':I.':I..1|:ll Bales: 15Dunitsz 55D Har.1 Purchase QEDunit-s- $15 = 5,25El Har.15- Bales alunits 3 SEE JulyQEl Purchase EEEI 1.1.nit-s E- SEEI = 9, EIIIIEI Oct. 5- 5:.1e5 lunits 3 SEE Oct-.25 Purchase 1E|E| unit-sE- 525 = 2,5IIIEI fatal: 1, ill-Ell unit-5 $15, TED HEDunit-s Exercise 5-? Perpetual: Inventory costing methods-FIFO end LIFICIII LO P1 Requlred: Hemmlng uses a perpetual Inventory system. 1. Deten'nlne the costs osslg nod to ending Inventory and to cost of goods sold uslng FIFO. 1 Determlne the costs asslghed to endtng Inventory and to cost of goods sold ustng LIFE). 3. Compute the gross morgtn for FIFE} method and LIFD method. Complete Hi5 questions by entering wur answers in the below tabs. \fRequired 1 Required 2 Required 3 Determine the (DES assigned to ending inventory and to cast Elf gDDdS eld using LIFO. F'el LIFO: IIIIIIIIIIIIEH _II-_I-IIIIIII IIIIIIIIIIII-I IIIIIIIII-II-I IIIIIIIIIIII-I IIIIIIIII-II-I IIIIIIIIIIII-I IIIIIIIII IIIIIIII IIIIIIII I-IIIIII IIIIIIII IIIIIIII Required 1 Required 2 Required 3 Compute the gross margin for FIFO method and LIFO method. LE5: Cost of goods sold