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number 1,2 and 3 please Check my Hemming Co. reported the following current-year purchases and sales for its only product. Date Activities Units Acquired at

number 1,2 and 3 please
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Check my Hemming Co. reported the following current-year purchases and sales for its only product. Date Activities Units Acquired at Cost Units Sold at Retail Jan. 1 Beginning inventory 250 units @ $12.00 = $ 3,000 Jan. 10 Sales 200 units @ $42.00 Mar. 14 Purchase 400 units @ $17.00 = 6,800 Mar.15 Sales 360 units @ $42.60 July30 Purchase 450 units @ $22.00 = 9,900 Oct. 5 Sales 420 units @ $42.00 Oct.26 Purchase 150 units @ $27.00 = 4,050 Totals 1,250 units $23,750 980 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 per units unit Cost of Goods Sold # of units Cost per Cost of Goods sold unit Sold Inventory Balance Cost per Inventory of units unit Balance 250 $ 12.00 = $3,000.00 Date January 1

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