ok YT Required information Use the following information for the Exercises 8-10 below. (Algo) The following information apples to the questions displayed below) Hemming Company reported the following current year purchases and sales for its only product Date Activities Units Acquired at Cost Units Sold at Retail January 1 Beginning inventory 275 units $13.00 January 10 Sales $ 3,575 230 units @ 543.00 March 14 Purchase 458 units $18.00 March 15 8,100 Sales 400 units $43.00 July 30 Purchase 475 units @ $23.00 10,925 October 5 Sales October 26 455 units $43.80 Purchase 175 units $28.00 4.900 Totals 1, 375 units $ 27,500 1,085 units at Exercise 5-8 (Algo) 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 profit for FIFO method and LIFO method Required information 3. cum gloss promenou nuur Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required a Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. Date Goods Purchased Cost per of units unit Pertual Cost of Goods Sold Cost of Goods Sold of units sold Cost per of units Inventory Balanes Cost per Inventory Balance $ 13.00 $ 2,575.00 January 1 275 Jan 10 200 13001 3 2.000.00 $ 13.00 450 March 14 3 18.00 $ 1300 Total March 14 $ 1800 March 15 Total March 15 Suly 30 Total y 30 Obers Total October 5 October 20 5 2.000.00 Required 2 > Type here to search O Required information 3. Lumute ureyrus TOUT meu anu Liru menu Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required a Determine the costs assigned to ending inventory and to cost of goods sold using LIFO. Date Goods Purchased Cost of units per unit Perpetual LIFO Cost of Goods Sold of units Cost Cost of Goods sold per unit Sold Inventory Batang Cost Inventory of units Balance per unit January 1 January 10 March 14 res Total March 14 March 15 To March 15 July 30 Total July 30 October Total October October 20 0:00 Type here to search ! . Required Information Use the following information for the Exercises 8-10 below. (Algo) The following information applies to the questions displayed below) Hemming Company reported the following current-year purchases and sales for its only product Date Activities Units Acquired at cast Unic Soldi utili January 1 Beginning inventory 275 units @ $13.89 5 3,575 January 10 Sales 238 units 3.eu March 14 Purchase 450 units $18.ee - 8,180 March 15 Sales G units @54) July 3 Purchase 475 units @ $23.8- 10,925 October 5 Sales 155 units 543.80 October 26 Purchase 175 units @ $28.ee 4.900 Totals 1,375 units $ 27,500 1,885 units Exercise 5-8 (Algo) 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 profit for FIFO method and LIFO method Complete this question by entering your answers in the tabs below. Fequired 1 Required 2 Required 3 Compute the gross profit for FIFO method and UFO method. FIFO LIFO Sales were Le Cost of goods sold Gross profit
