Help Save &Exit Check my Hemming Co. reported the following current-year purchases and sales for its only product. qu Jan. 1 Beginning inventory 205 units $10.20 2,091 Jan 10 Sales Mar. 14 Purchase f 3 Mar 15 sales July 30 Purchase Octs 5 Sales Oct 26 Purchase 300 unita e $15.20 4.560 400 units $20.208,080 160 units $40.20 250 unita $40.20 375 units e $40.20 105 units $25.202,646 Totals 1,010 units $17,377 785 units Exercise 6-7 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 F 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. 3 Help Save& Exit Submit Check my work ired information Required: Hemming uses a perpetual inventory system. Assume that ending inventory is made up of 45 units from the March 14 units from the July 30 purchase, and ali 105 units from the October 26 purchase. Using the specific identification method, calculate the following. a) C ost of Goods Sold using Specific Identification Available for Sale Cost of Goods Sold Ending Inventory Units Unit Units Cost Sold Ending Unit Cost COGS Inventory Unit Cost Inventory Units Ending Date Activity 205 300 400 105 1,010 $ 0.00 $ Jan. 1 Beginning Inventory Mar. 14 Purchase July 30 Purchase Oct. 261 Purchase $ 0.00 $ $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 0.00 0.00 0 b) Gross Margin using Specific Identification Less Pre 7 8 7 8 of 9Next > Help Save & Exi nf Requlred 3 ofaHemming uses a periodic Inventory system. (a) Determine the costs assigned to ending Inventory and to cost of goods sold using FIFO (b) Determine the costs assigned to ending Inventory and to cost of goods sold using LIFO. (c) Compute the gross margin for each method. al Periodic FIFO Cost of Goods Available for Sale ok Cost of Goods Sold Cost of Goods stof Goods | # of units | Costperl #Of units | sold # of units | Cost | Ending inventory per unit Inventory Cost per | Cost of | unit Sale unit Goods Sold in ending Beginning inventory Purchases March 14 July 30 October 26 Total 8 of 9Next > rev Help Save& Exlt S ion Check myw Total 3 of 3 ) Poriodlc UFO Cost of Goods Av allable for Sale Cost of Goods Sold Ending of un 1 uniter! Available for | # of units | Cost per | | # of units | Cost | Ending in ending er unit Inventory Cost of ending ry Sale sold unit Goods Sold Beginning inventory Purchases ok March 14 July 30 October 26 Total 0 ) Gross Margin FIFO LIFO Prey | 8| of 9 Next MacBook Pro