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Please help me answer these questions I don't think my answers are correct. 26 Required information The following information applies to the questions displayed below.
Please help me answer these questions I don't think my answers are correct.
26 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 7 points Units Sald at Retail Units Acquired at Cost 255 units @ $12.20 = $ 3,111 X 01:26:11 210 units @ $42.20 410 units @ $17.20 - 7,052 Date Activities Jan. 1 Beginning inventory Jan. 10 Sales Mar. 14 Purchase Mar.15 Sales July 30 Purchase Oct. 5 Sales Oct. 26 Purchase Tatals 350 units @ $42.20 455 units @ $22.20 = 10,101 430 units @ $42.20 155 units $27.20 = 1,275 units 4,216 $ 24,480 990 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 FIFO. Perpetual FIFO: Goods Purchased Cost of Goods Sold Cost per # of units Date Cost per unit # of units sold Cost per unit Inventory Balance # of units Inventory unit Balance Cost of Goods Sold January 1 255 $ 12.20 $ 3,111.00 January 10 210 @ $ 42.20 = $ 8,862.00 $ 12.20 March 14 4101 @ $ 17.20 $ 12.20 @ $ 17.20 March 15 42.20 $ 12.20 July 30 Required information Perpetual LIFO: Goods Purchased # of Cost per units unit Cost of Goods Sold # of units Cost per Cost of Goods sold unit Sold Date Inventory Balance # of units Cost per Inventory unit Balance 255 @ $ 12.20 = $ 3,111.00 January 1 January 10 210 @ $ 12.20 = $ 2,562.00 45 @ $ 12.20 $ 549.00 March 14 4101 @ $ 17.20 $ 45] @ 410 @ $ 12.20 = $ 17.20 = 549.00 7,052.00 $ 7,601.00 March 15 @ 350 @ $ 12.20 $17.20 $ 0.00 6,020.00 $ 6,020.00 45| @ 60 @ $ 12.20 = $ 17.20 = $ 549.00 1,032.00 $ 1,581.00 July 30 455 @ $ 22.201 45] @ $ 549.00 60 @ $ 12.20 = $ 17.20 = $ 22.20 = 1,032.00 555.00 25 @ $ 2,136.00 October 5 = $ $ 12.20 $ 17.20 $ 22.20 0.00 0.00 0.00 $ 12.20 $ 17.20 @ @ = @ $ 22.20 Complete this questions by entering your answers in the below tabs. 7 Required 1 Required 2 Required 3 Compute the gross margin for FIFO method and LIFO method. FIFO: Sales revenue LIFO: $ 41,778 17,378 $ 24,400 Less: Cost of goods sold Gross marginStep by Step Solution
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