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Hemming Co. reported the following current year purchases and sales for its only product. Date Activities Jan Beginning inventory Jan 10 Sales Mar 14 Purchase

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Hemming Co. reported the following current year purchases and sales for its only product. Date Activities Jan Beginning inventory Jan 10 Sales Mar 14 Purchase Mar 15 Sales July 30 Purchase Oct 5 Sales Oct 26 Purchase Totals Units Acquired at Cost Units Sold at Retail 225 $1100 - 52.475 150 units $41.00 340 units $16.00 - 5.440 300 units $4100 425 units $2100 - 8.925 395 units 54100 125 units $26.00 - 3.250 1115 units $20.090845 units References Section Break Use the following Information for the Exercises below Award: 4.00 points 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. Complete this questions by entering your answers in the below tabs. Required Required 2 Required 3 Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. Perpetual Purchased Contot Goods SM of Cost of its Cost per cost of Goods Cost per 225 $11.00 - $ 2.475.00 January 1 January 10 150 $4100 - 5 &150.00 11.00 340 $ 16.00 11.00 16.00 March 15 50 250 1100 51600- July 30 425 @ $ 21.00 $ 11.00 $16.00 $ 21.00 October Required 1 Required 2 Required 3 Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. Perpetual FIFO Date Goods Purchased of unit Cost per Cost of Goods Sold # of units Cost per Cost of Goods sold unit Sold Inventory Balance Cost per Inventory of units unit Balance 225 @ $ 11.00 - $ 2.475.00 January 1 January 10 150 @ $ 41.00 $ 6,150.00 March 14 340 @ $ 16.00 $ 11.00 $ 11.00 $ 16.00 March 15 50 $ 11.00 - $ 16.00 250 July 30 425 $ 21.00 $ 11.00 $ 16.00 $ 21.00 @ October 5 October 26 Totals S 6.150.00 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 # of units unit Cost per Cost of Goods Sold # of units Cost per Cost of Goods sold unit Sold Date Inventory Balance Cost per Inventory # of units unit Balance 225 $ 11.00 = $ 2,475.00 January 1 January 10 March 14 March 15 July 30 October 5 October 26 Totals 0.00 Required 1 Required 2 Required 3 Compute the gross margin for FIFO method and LIFO method. FIFO: LIFO: Sales revenue Less: Cost of goods sold Gross margin

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