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I'm have problems with less cost of goods sold for both FIFO and LIFO. Could someone please help me. I'm sure its simple. Hemming Co.
I'm have problems with "less cost of goods sold" for both FIFO and LIFO. Could someone please help me. I'm sure its simple.
Hemming Co. reported the following current-year purchases and sales for its only product Units Acquired at Cost 250 units @ $12.00 - $ 3,000 Units Sold at Retail 200 units @ $42.00 Date Activities Jan. 1 Beginning inventory Jan. 10 Sales Mar. 14 Purchase Mar.15 Sales July 30 Purchase Oct. 5. Sales Oct.26 Purchase 400 units @ $17.00 = 6,800 360 units @ $42.00 450 units $22.00 = 9,900 420 units @ $42.00 150 units @ $27.00 1,250 units 4,050 $23,750 Totala 980 unita 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 Answer is complete but not entirely correct. 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. Sales revenue Less: Cost of goods sold Gross margin FIFO: LIFO: $ 41,160 $ 41 160 17,410 19.1108 S 23.750 $ 22,050Step by Step Solution
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