Exercise 6-8 Perpetual: Inventory costing methods-FIFO and LIFO [ ] P1 Hemming Co. reported the following current year purchases and sales for its only product. Required Hemming uses a perpetual inventory system. Determine the costs assigned to ending inventory and to cost of goods sold using (a) FIFO and (b) LIFO. ( c ) Compute the gross profit for each method. Exercise 6-6 A Periodic: Inventory costing [P3P Refer to the information in Exercise 6-3 and assume the periodic inventory system is used. Determine the costs assigned to ending inventory and to cost of goods sold using (a) specific identification, (b) weighted average, (c) FIFO, and (d) LIFO. (Round per unit costs and inventory amounts to cents.) For specific identification, ending inventory consists of 180 units from the January 30 purchase, 5 units from the January 20 purchase, and 15 units from beginning inventory. Page 244 Exercise 6-7 A Periodic: Gross profit effects of inventory methods [P3A1 Use the data and results from Exercise 66A to compute gross profit for the month of January for the company similar to that in Exhibit 6.8 for the four inventory methods. Required 1. Which method yields the highest gross profit? 2. Does gross profit using weighted average fall above, between, or below that using FIFO and LIFO? 3. If costs were rising instead of falling, which method would yield the highest gross profit? Exercise 6-11 Perpetual: Inventory costing methods-FIFO and LIFO @P1 Tree Seedlings has the following current year purchases and sales for its only product. Required The company uses a perpetual inventory system. Determine the costs assigned to ending inventory and to cost of goods sold using (a) FIFO and (b) LIFO. (c) Compute the gross profit for each method. Exercise 6-9 Specific identification P1 Refer to the information in Exercise 6-8. Ending inventory consists of 45 units from the March 14 purchase, 75 units from the July 30 purchase, and all 100 units from the October 26 purchase. Using the specific identification method, compute (a) the cost of goods sold and (b) the gross profit. Exercise 6-10 A Periodic: Inventory costing P3 Refer to the information in Exercise 6-8 and assume the periodic inventory system is used. Determine the costs assigned to ending inventory and to cost of goods sold using ( a ) FIFO and (b) LIFO. ( c ) Compute the gross profit for each method. Exercise 6-3 Perpetual: Inventory costing methods P1 Laker Company reported the following January purchases and sales data for its only product. Exercise 6-12 Perpetual: Journalizing transactions P1 Refer to sales and purchases data from Exercise 6-11 and record journal entries for Tree Seedlings's sales and purchases transactions. Assume for this assignment that the company uses a perpetual inventory system and LIFO. All sales and purchases are made on account, and no discounts are offered