question f0

Use the following information for the Exercises 8-10 below. (Static) [The following information applies to the questions displayed below.] Hemming Company reported the following current-year purchases and sales for its only product. Units Sold at Retail Units Acquired at Cost 200 units @ $10 350 units @ $15 $ 2,000 150 units @ $40 Date January 1 January 10 March 14 March 15 July 30 October 5 October 26 5,250 Activities Beginning inventory Sales Purchase Sales Purchase Sales Purchase Totals 300 units @ $40 450 units @ $20 = 9,000 430 units @ $40 @ $25 = 100 units 1,100 units 2,500 $ 18,750 880 units Required 1 Required 2 Required 3 Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. Perpetual FIFO: Cost of Goods Sold # of units Cost per Cost of Goods sold unit Sold Goods Purchased Cost per # of units unit Date Inventory Balance Cost per Inventory # of units unit Balance January 1 January 10 March 14 Total March 14 March 15 Total March 15 July 30 Total July 30 October 5 Total October 5 October 26 Totals $ 0.00 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 # of units Cost per # of units Cost of Goods unit sold unit Sold Date Cost per Inventory Balance Inventory # of units unit Balance Cost per January 1 January 10 March 14 Total March 14 March 15 Total March 15 July 30 Total July 30 October 5 Total October 5 October 26 Totals $ 0.00 Required 1 Required 2 Required 3 Compute the gross profit for FIFO method and LIFO method. FIFO LIFO Sales revenue Less: Cost of goods sold Gross profit