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Required information Answer is not complete outs Cost per Cont Costo Gods Avable to Sale 2.000 per Costo Good Sold of in ending Inventory Ending mory 2003 1000 Beginning inventory Purchases March 14 July 30 October 26 Total 350 1500 450 S 2000 100 $ 25.00 1.100 5.250 9.000 2.500 10.750 3 . 3 0 by Puriodic LIFO Cost of Goods Available for Cost of of units Cost per Goods Available for Sale Cost of Good Sob Hot Cost Cost of units per Goods sold unt Ending Inventory #of units Cost Ending in ending per unt Inventory investory Sold Required information biode LF Cost of Dos Sold of units Cost per Cost of Goods Available for Sale s 2,000 unit W of units sold Cost pei unit CY of units Cost Ending in ending pet inventory unit Inventory Cost of Goods Sold 200 $10.00 $15.00 Beginning inventory Purchases March 14 July 30 October 26 Total 350 450 100 1.100 $ 20.00 $ 25.00 5,250 9,000 2,500 18.750 S 0 0 c) Gross Prati FIFO LIFO 5 21,350 s 18,750 Required information Use the following information for the Exercises 8-10 below. (Static) 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 150 units @ $40 300 units @ $40 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 Units Acquired at Costi 200 units @ $10 - $ 2,000 350 units @ $15 5,250 450 units @ $20 9,000 100 units @ $25 2,500 1,100 units $18,750 438 units @ $40 880 units Exercise 5-8 (Static) Periodic: Inventory costing methods-FIFO and LIFO LO P1 oints Required: Hemming 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 profit for each method. Required information a) Period CONTO GO Aviable for Sale Cont of foods Sold Cost of Goods of units of units Cont per Available for Cost of of units unit Sale sold uni Goods sold in ending inventory 200 $ 10 0015 2,000 Cost per Cost per unit Ending Inventory Beginning inventory Purchases March 14 July 30 October 26 Total 350 s 450 $ 100 s 15.00 20.00 25.00 5,250 9,000 2,500 18.750 ces 1.100 5 0 by Polodle LIFO Cost of Goods Available for Sale Cost of Goods Cost per # of units Available for unit Sale 2005 10.00 $ 2.000 Cost of Goods Sold Ending Inventory # of units Cost per Cost of of units Cost Ending sold unit Goods Sold ending Inventory per unit Inventory Beginning inventory Purchases March 14 July 30 October 26 15 00 350 $ 450 $ 100 $ 20.00 25.00 5.250 9,000 2500 13.750 Periodic GOTO Goods SONI Ce for Sale Cont of Goods unit Available for Cost per of units of units Cost per sold Cost of Goods Sold Endod of units Cost Ending in ending Inventory per un Inventory Sale 2005 10.00 $ 2,000 Beginning inventory Purchases March 14 July 30 October 26 Total 350 5 450 5 100$ 1.100 15.00 20.00 25.00 5,250 9,000 2 500 18.750 $ 0 c) Gross Profit FIFO LIFO 21,350 5 18,750