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 [The following information applies to the questions displayed below.) Hemming Co. reported the following current-year purchases and sales for its only product. Data activities Units Acquired at Coat Units Sold at Retail Jan. 1 Beginning inventory 235 units $11.40 = $ 2,579 Jan. 10 Sales 170 units $41.40 Mar. 14 Purchase 360 units $16.40 - 5,904 Mar. 15 sales 290 units $41.40 July 30 Purehasa 435 units $21.40 - 9,309 Oct. 5 Sales 410 units $41.40 Oct. 25 Purchase 135 units $26.40 Totala 1,165 unita $21.456 870 units 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 2 Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. Perpetual FIFO: Goods Purchased # of Cost units per unit Cost of Goods Sold #of units Cost Cost of Goods sold per unit Sold Date Inventory Balance Cost #of units Inventory per unit Balance 235 S 11.40 = $ 2,679.00 January 1 January 10 March 14 March 15 July 30 October 5 October 26 Totals S 0.00 (Required Required 2 > Required Information [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 Coat Units Sold at Retail Jan. 1 Beginning inventory 235 units $11.40 - $ 2,579 Jan. 10 Sales 170 units $41.40 Mar.14 Purchase 360 units $16.40 - 5,904 Mar.15 Sales 290 units $41.40 July 30 Purchase 435 units $21.40 - 9,309 Oct. 5 Sales 410 units $41.40 Oct. 25 Purchase 135 units $26.40 Totala 1,155 unita $21,456 870 units 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 LIFO. Perpetual LIFO: Goods Purchased # of Cost units per unit Cost of Goods Sold #of units Cost Cost of Goods sold per unit Sold Date Inventory Balance Cost #of units Inventory per unit Balance 235 $11.40 $ 2,679.00 January 1 January 10 March 14 March 15 July 30 October 5 October 26 Totals 0.00 Required Information [The following information applies to the questions displayed below.) Hemming Co. reported the following current-year purchases and sales for its only product. Data activities Units Acquired at Coat Units Sold at Retail Jan. 1 Beginning inventory 235 units $11.40 - $ 2,579 Jan. 10 Sales 170 units $41.40 Mar. 14 Purchase 350 units $16.40 = 5,904 Mar. 15 Balen 290 units $41.40 July 30 Purchase 435 units $21.40 - 9,309 Oct. 5 salen 410 units $41.40 Oct. 25 Purchase 135 units $26.40 3, 564 Totals 1,165 unita $21,455 870 units 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