Hemming Company 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 profit for FIFO method and LIFO method.

Required information Use the following information for the Exercises 8-10 below. (Algo) The following information applies to the questions displayed below! Hemming Company reported the following current-year purchases and sales for its only product. Units Acquired to 270 units 512.80 - Units sold at Hall $3,456 32 units 542, Date January 1 January 10 March 14 March 15 July October October 20 400 units Activities Beginning inventory Sales Purchase Sales Purchase Sales Purchase Totals 10 units $42.80 470 units 10.710 322.40- 327.10 44 units $42.00 17 1,310 4,726 125,010 3.cents Exercise 5-8 (Algo) 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 Fied 2. Determine the cost otsigned to ending Inventory and to cost of goods sold using LIFO 3. Compute the gross profit for FIFO method and LIFO method Determine the costs assigned to unding inventory and to cost of goods sold using LIFO. Goods Purchased Date Pertua LIO Sesto.Goods Sold Cout of units Cost of Goods vokli per Sold unit per unit of units January 1 270 3 January 10 40 3 612.00 350 Inventory. Balanes Cust per Inventory unit Balance 5 - 5 3.450.00 12.30 5 $ 4,000.00 15 12.30 $ 4.000.00 S 17.00 712.00 5 5,220,00 4001 3803 March 14 40 Total March 14 15 0.00 270 112.80 1230 Mar 15 5 3.450.00 - 0.00 17.00 403 17.00 71200 TotalMarch 15 $18.00 470 0 22.00 ay 30 20 1230 17.30 2230 33400 4403 10,012.00 Total 30 16186.00 . - 8.00 2.402.00 1200 Gottes 140 3 17.80 17.00 o Is 0.00 12.30 270 at 12.80 5 3.450.00 March 15 at 0.00 403 st 712.00 17.80 17.60 Total March 15 $ 4.108.00 470 at o 22.00 0 at July 30 30 at 12.00 $ 17.00 52.90 634.00 10,032.00 4403 Total July 30 1000 out 15 0.00 12 80 October 1280 17.00 22.00 140 st 3003 at 2.492.00 . 00 0 1703 17:00 22.00 0.840.00 3.870.00 $ 3.875.00 Total October 50.332.00 170 O 270 12 B0 220 at October 20 1780 2210 3,016,00 7.752.00 340 4403 2730 42.232.00 3 23.000.00 Totals 30.844.00 Per RED Cast of Goods Sold Cost Cost of Goods per Sold unit Inventory Cou Cont per of units sold Inventory Pot units unit $12.00 January 1 270M $ 3.450.00 s640.00 January 10 220 $ 12.30- 5. 2016.00 - 400 lat S 17.80 50 M 50 400 512.00 $12.80 $17.00 s640 DO March 14 7.120,00 7,760.00 Total March 14 March is 50 200 $ 12.80 51T 80 15 040.00 5.102.00 55.802.00 o at 110 312.00 17:00 $ 1968.00 1 1.958.00 Tabal March 15 470 $ 22.00 y 30 o 110 470 $ 12.30 $180 12200 1.958.00 10.10.00 Totaly 30 512.874.00 0 October 180 330 3 1280 5 11 10 9 3280 LE 0.00 1.000.00 7,62400 0.412 00 2003 140 $12.80 517.00 52230 5.102.00 2.182.00 5 8 354.00 170 5 27 00 31230 $17.30 $22.00 1306 140 Odober 20 2.314.00 2.10200