Hemming Co. reported the following current-year purchases and sales for its only product
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.
Required Information Use the following Information for the Exercises below. [The following information applies to the questions displayed below.] Hemming Co. reported the following current-year purchases and sales for its only product. Date Activities Units Acquired at cost Units sold at Retail Jan. 1 Beginning inventory 295 units @ $13.80 = $ 4,071 Jan. 10 Sales 248 units @ $43.80 Mar. 14 Purchase 480 units @ $18.se - 9,024 Mar.15 Sales 420 units @ $43.80 July30 Purchase 495 units @ $23.80 - 11,781 Oct. 5 Sales 465 units @ $43.80 Oct. 26 Purchase 195 units @ $28.80 - 5,616 Totals 1,465 units $30,492 1,125 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 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 1 Required 2 Required 3 Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. Perpetual FIFO: Goods Purchased # of Cost per units unit Cost of Goods Sold # of units Cost per Cost of Goods sold unit Sold Date Inventory Balance #of units Cost per Inventory unit Balance 295 @ 5 13.80 - $ S = $ 4,071.00 $ 13.80 = January 1 January 10 240 @ $ 43.80 $ 10,512.00 March 14 480 @ $ 18.80 @ S 13.80 $ 18.80 March 15 July 30 495 @ $23.80 @ $23.80 October 5 October 26 195 @ $ 28.80 S 28.80 Totals $ 10,512.00 Hemming Co. reported the following current-year purchases and sales for its only product. Date Activities Jan. 1 Beginning inventory Jan. 1e Sales Mar. 14 Purchase Mar. 15 Sales July3e Purchase Oct. 5 Sales Oct. 26 Purchase Totals Units Acquired at cost Units sold at Retail 295 units @ $13.se - $ 4,071 240 units @ $43.80 480 units @ $18.se 9,024 420 units @ $43.8e 495 units @ $23.se 11,781 465 units @ $43.80 195 units @ $28.80 5,616 1,465 units $30,492 1,125 units Exercise 6-7 Perpetual: Inventory costing methods-FIFO and LIFO LO P1 Fequired: Hemming uses a perpetual Inventory system. Determine the costs assigned to ending Inventory and to cost of goods sold using FIFO Determine the costs assigned to ending Inventory and to cost of goods sold using LIFO. Compute the gross margin for FIFO method and LIFO method. Complete this questions by entering your answers in the below tabs. 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 Cost per units unit of units Cost of Goods Sold Cost per cost of Goods unit Sold Date sold Inventory Balance #of units Cost per Inventory unit Balance 295 $13.80 - S $ 4,071.00 January 1 January 10 March 14 March 15 July 30 October 5 October 26 Totals S 0.00 [The following information applies to the questions displayed below.) Hemming Co. reported the following current-year purchases and sales for its only product. Units Sold at Retail Units Acquired at Cost 295 units @ $13.80 = $ 4,071 240 units @ $43.80 480 units @ $18.80 9,024 Date Activities Jan. 1 Beginning inventory Jan. 10 Sales Mar. 14 Purchase Mar. 15 Sales July 30 Purchase Oct. 5 Sales Oct. 26 Purchase Totals 420 units @ $43.80 495 units @ $23.80 11,781 465 units @ $43.80 195 units @ $28.80 1,465 units 5,616 $30,492 1,125 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 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 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
