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htG Saved HelpS 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 Jan. 1 Beginning inventory Jan. 10 Sales Mar. 14 Purchase Mar.15 Sales July 30 Purchase Oct. 5 Sales Oct.26 Purchase Totals Units Acquired at Cost Units Sold at Retail 235 units@ $11.40 = $ 2,679 170 units@ $41.40 360 units@ $16.40 = 5,904 290 units@ $41.40 435 units@ $21.40 - 9,309 410 units@ $41.40 135 units@ $26.49 = 3,564 1,165 units $21,456 870 units Totals 1,165 units $21,456 870 units Exercise 5-9A Periodic: Inventory costing system LO P3 Required: Hemming uses a periodic inventory system. (a) Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. (b) Determine the costs assigned to ending inventory and to cost of goods sold using LIFO. (c) Compute the gross margin for each method. Cost of Goods Available for Sale a) Periodic FIFO Ending Inventory Cost of Goods Sold Cost of Goods # of units cost per Available for unit of units sold Cost per unit Cost of Goods Sold # of units in ending inventory Cost per unit Ending Inventory Sale 2670 2351 e 11 anle 2251 11 Reminin A70 inventory emmin CASA norir invenn vetem Required information Dj Determine the costs assigned to enaing inventory and to cost or goods sold using LIFO. c) Compute the gross margin for each method. a) Periodic FIFO Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory #of units Cost per Cost of Goods Available for Sale # of units sold Cost per unit unit # of units inventory Cost of Goods Sold in ending Cost per unit Ending Inventory 235 $11.40 $ 2,679 235 S 11.40 2,679 0 Beginning inventory Purchases: March 14 July 30 October 26 Total L 1 360 275 $ 16.40 $ 21.40 360 $ 16.40 435 $ 21.40 135$26.40 1,165 5,904 9,309 3,564 21,456 5,9040 5,885 160 135 14,468 295 $21.40 $26.40 3,424 3,564 870 $ 6,988 b) Periodic LIFO Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory Check my work Required information b) Periodic LIFO Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory Cost of Goods... # of units Cost per # of units Cost per Available for unit Sale sold unit Cost of Goods Sold # of units in ending inventory Cost Ending per unit Inventory 235 $11.40 $ 2,679 170 $ 11.40 $ 1,938 6 5 $11.40 $ 741 Beginning inventory Purchases March 14 July 30 October 26 $ 16.40 $ 21.40 $26.40 $ $ 16.40 21.40 360 435 135 1,165 4,756 8,774 5,904 9,309 3,564 21,456 290 410 0 870 7 0 2 5 135 295 $16.40 $21.40 $26.40 1,148 535 3,564 5,988 Total $ 15,468 $ c) Gross Margin Sales FIFOLIFO $ 36,018 36.018 14,468 15,468 Cost of goods sold Saved Help Save & Exit Submit ode: This shows what is correct or incorrect for the work you have completed so far. It does not indicate completion, Return to question Required information Required information units units sold ODOS per Available unit for Sale $ 11,40 $ 2,679 per unit Goods Sold anging Inventory in ending i nventory per unit 235 235S 11.40 2,679 65 $ 11.40 $ 741 Beginning inventory Purchases March 14 2,214 $ 16.40 $21.40 $26.40 5,904 9,309 360 275 $ 16.405,984 $ 21.40 360 435 135 1.165 5,885 16.40 21.40 July 30 October 26 535 3564 80 3,564 7,054 Total $ 21,456 870 $ 14 468 360 $ b) Periodic LIFO Cost of Goods Sold Ending Inventory Cost of Goods Available for Sale Cost of Cost Goods sof per of units Cost per Cost of Goods of units Tin ending Cost Der Ending 10 PM A 4 18/2019 hode: This shows what is correct or incorrect for the work you have completed so far. It does not indicate completion Return to question Required information Cost #of # of units per Cost of Goods Available for Sale $ 2,679 Cost per unit units sold Cost of Goods Sold #of units in ending inventory Cost per unit unit Ending Inventory 235 $ 11.40 170 $ 11.40 $ 1.938 65 11.40 741 Beginning inventory Purchases March 14 1,148 290* 410 16.40 $ 16.40 $ 21.408 $16.40 $21. 40 $26.40 4.756 .774 July 30 360 435 135 1 165 9 5,904 ,309 3,564 21,456 21.40 October 26 535 3,564 5,988 2540 Total $ $ 15.468 $ c) Gross Margin FIFO LIFO A 40 315/20
