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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. Units Acquired at Cost 200 units @ $10 $ 2,000 Units Sold at Retail 150 units @ $40 350 units 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 @ $15 5,250 300 units e $40 450 units @ $20 9,000 430 units $40 @ $25 100 units 1,100 units 2,500 $18,750 880 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 question by entering your answers in the tabs below. oblems Saved 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 question by entering your answers in the tabs below. 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 Cost of Goods Sold Inventory Balance # of Cost per #of units Cost per Cost of Goods Cost per Inventory units # of units unit sold unit Sold unit Balance January 1 200 @ $10.00 = $ 2,000.00 Date January 10 March 14 March 15 Required information 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 unit Date Cost of Goods Sold # of units Cost per Cost of Goods sold unit Sold units January 1 Inventory Balance # of units Cost per Inventory unit Balance 200 @ $10.00 = $ 2,000.00 January 10 March 14 March 15 July 30 CD Prev Amazon.com hapter 6 Problems Seved resura Piru. 4 Required information units unit sold unit Sold UT US T1 of 2 January 1 200 @ unit $10.00 = Balance $ 2,000.00 January 10 6 March 14 -Book March 15 Hint Print rences July 30 October 5 October 26 Prou Required information March 14 March 15 July 30 October 5 October 26 Totals $ 0.00 Required information 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 Cost of Goods Sold Inventory Balance Date # of Cost per # of units Cost per Cost of Goods Cost per Inventory units unit sold #of units unit Sold unit Balance January 1 200 $ 10.00 = $ 2,000.00 January 10 March 14 March 15 July 30 October 5 TUUV > 2,UVU UUT January 10 March 14 March 15 July 30 October 5 October 26 Totals $ 0.00 Buick GMC a Arm 6 Problems Saved 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 question by entering your answers in the tabs below. 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
