Line Olowing wordt applies to the questions urspidyeu Deu Hemming Co. reported the following current-year purchases and sales for its only product Units Acquired at cost 205 units $10.20 $2,091 Units sold at Retail 160 units $40.20 300 units 515,20 4,560 Date Activities Jan. 1 Beginning inventory Dan. 10 Sales Mar. 14 Purchase Mar. 15 Sales July 30 Purchase Oct. 5 Sales Oct. 26 Purchase Totals 25eunita140.20 400 units $20.20 8,080 375 units $18.20 105 units @ $25.20 1,010 units 2,646 $17,32 785 units Exercise 6-8 Specific identification LO P1 Required: Hemming uses a perpetual inventory system Assume that ending inventory is made up of 45 units from the March 19 purchase 75 units from the July 30 purchase, and all 105 units from the October 26 purchase. Using the specific identification method, calculate the following a) Cost of Goods Sold using Specific Identification Available for Sale Activity Cost of Goods Sold Ending Inventory Ending Unit Cost COGS Inventory Unit Cost sold Cost 205 5 10 20 2091 o 3 10 20 45 $15.20 2551515.20 3.875 75 5 20 20 3253 20 20 0665 105 52520 2640 0 52520 $ 530 5 T041 [Jan 1 Mar 14 July 30 lod 26 Units Com 205 10 20 3001 5 15 20 0 2020 105 5 25.20 1010 Beginning inventory Purchase Purchase Purchase Gross Margin using Specific identification 15930 Les Cost of goods sold Grossman Hemming Co. reported the following current-year purchases and sales for its only product. Units Acquired at Cost 205 units @ $10.20 = $ 2,091 Units Sold at Retail 160 units @ $40.20 300 units @ $15.20 4,560 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 250 units @ $40.20 400 units @ $20.20 8,080 375 units @ $40.20 105 units @ $25.20 1,010 units 2,646 $17,377 785 units Exercise 6-7 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 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 Sales revenue Less Cost of goods sold Gross margin FIFO: LIFO: $ 31 55715 31.557 12.307 13007 19 250 18,550