please help me solve following requirements
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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 Activities Units Acquired at Cost Units Sold at Retail Jan. 1 Beginning inventory 235 units @ $11.40 - $ 2,679 Jan. 10 Sales 170 units @ $41.40 Mar.14 Purchase 360 units @ $16.40 - 5,904 Mar.15 Sales 290 units @ $41.40 July30 Purchase 435 units $21.40 - 9,309 Oct. 5 Sales 410 units @ $41.40 Oct.26 Purchase 135 units @ $26.40 3,564 Totals 1,165 units $21, 456 870 units Date 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. Required information 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 units unit Cost per Cost of Goods Sold Cost per Cost of Goods # of units sold unit Sold Cost per Date Inventory Balance Inventory # of units unit Balance 235 @ $ 11.40 = $ 2,679,00 January 1 January 10 March 14 March 15 July 30 October 5 October 26 Totals Required) Required information 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 units unit Cost per Cost of Goods Sold Cost of Goods # of units sold unit Sold Date Cost per Cost per Inventory Balance # of units Inventory unit Balance 235 @ $ 11,40 = $ 2,679.00 January 1 January 10 March 14 March 15 July 30 October 5 October 26 Total 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. FIFO: LIFO: Sales revenue Less: Cost of goods sold Gross margin
