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Hemming Co. reported the following current-year purchases and sales for its only product. Units Sold at Retail Units Acquired at Cost 215 units $18.60 = $ 2,279 188 units @ $48.68 320 units $15.60 4,992 Date Activities Jan. 1 Beginning inventory Jan. 18 Sales Mar. 14 Purchase Mar. 15 Sales July 38 Purchase Oct. 5 Sales Oct. 26 Purchase Totals 260 units @ $48.68 415 units $29.60 8,549 480 units @ $48.60 115 units @ $25.60 1,065 units 2,944 $18,764 848 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 Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. Perpetual FIFO: Goods Purchased #of Cost units per unit Cost of Goods Sold # of units Cost Cost of Goods sold per unit Sold Date Inventory Balance # of units Cost Inventory per unit Balance 215 $10.60 = $ 2.279.00 January 1 January 10 215 @ $ 10.60 $ 2,279.00 0 $ 10.60 = March 14 320 e $15.60 $10.60 $15.60 = 110 @ 1,716.00 1,716.00 $ March 15 @ = $ @ $ 10.60 $ 15.60 0.00 0.00 July 30 October 5 October 26 Totals $ 2,279.000 Hemming Co. reported the following current-year purchases and sales for its only product. Units Acquired at Cost 215 units @ $10.60 = $ 2,279 Units Sold at Retail 320 units @ $15.60 4,992 Date Activities Jan. 1 Beginning inventory Jan. 18 Sales Mar. 14 Purchase Mar. 15 Sales July 30 Purchase Oct. 5 Sales Oct. 26 Purchase Totals 188 units @ $48.68 268 units @ $48.68 8,549 480 units @ $40.60 415 units @ $20.60 115 units $25.60 1,265 units 2,944 $18,764 848 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 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 # of units Cost Cost of Goods Cost units per unit sold Inventory # of units Sold per unit per unit Balance January 1 215 @ $10.60 = $ 2,279.00 January 10 March 14 March 15 July 30 October 5 October 26 Totals $ 0.00 Required information Use the following Information for the Exercises below. [The following information applies to the questions displayed below.) 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 215 units @ $10.60 = $ 2,279 Jan. 18 Sales 188 units @ $48.68 Mar. 14 Purchase 320 units $15.60 4,992 Mar. 15 Sales 260 units @ $48.60 July 38 Purchase 415 units $20.60 8,549 Oct. 5 Sales 480 units @ $48.68 Oct. 26 Purchase 115 units $25.60 2,944 Totals 1,865 units $18,764 840 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: $ 34,104 $ 34,104 13,863 14.204 $ 20.241 $ 19,900