Required: Hemming uses a periodic inventory system (a) Determine the costs assigned to ending inventory and to cost of goods sold using FIFO (c) Compute the gross margin for each method. (b) Determine the costs assigned to ending inventory and to cost of goods sold using LIFO a) Periodic FIFO Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory Cost ofGoods |# of units l cost per | . Cost ofk lin ending Available for sold # of units i Cost : Ending # of units Cost per Cost,of Goods unit Goods s Sold inventory ok unit Sale nt int Purchases March 14 July 30 October 26 Total b) Periodic LIFo Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory Cost per Available fordunit Cost of Goods Cost of Goods Soldin edingper unit Inventory 1-of units # of units | Cost per Cost Ending # of units Periodic LIFO Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory # of units | Cost | Ending ostin ending per unit Inventory I # of units : unit "Available for |#ot units l Cost per | Cost of unit Goods Sold inventory Sale eginning inventory Purchases March 14 July 30 October 26 Total c) Gross Margin FIFO LIFO physical inventory of Liverpool Company taken at December 31 reveals the following Per Unit Units Cost Market Item Car audio equipment Speakers Stereos Amplifiers Subwoofers 349 $104 $112 264 125 115 330 100 109 208 66 56 Security equipment Alarms Locks Cameras 484 164 154 295 107 97 216 326 336 Binocular equipment Tripods Stabilizers 189 88 98 174 109 119 Required of cost or market for the inventory applied separately to each item 2. If the market amount is less than the recorded cost of the iniventory, then record the LCM adjustment to the Merchandise Inven account Next Complete this auestions by enterina vour answers in the tabs below. Prey 6 of 6 Required: Hemming uses a periodic inventory system (a) Determine the costs assigned to ending inventory and to cost of goods sold using FIFO (c) Compute the gross margin for each method. (b) Determine the costs assigned to ending inventory and to cost of goods sold using LIFO a) Periodic FIFO Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory Cost ofGoods |# of units l cost per | . Cost ofk lin ending Available for sold # of units i Cost : Ending # of units Cost per Cost,of Goods unit Goods s Sold inventory ok unit Sale nt int Purchases March 14 July 30 October 26 Total b) Periodic LIFo Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory Cost per Available fordunit Cost of Goods Cost of Goods Soldin edingper unit Inventory 1-of units # of units | Cost per Cost Ending # of units Periodic LIFO Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory # of units | Cost | Ending ostin ending per unit Inventory I # of units : unit "Available for |#ot units l Cost per | Cost of unit Goods Sold inventory Sale eginning inventory Purchases March 14 July 30 October 26 Total c) Gross Margin FIFO LIFO physical inventory of Liverpool Company taken at December 31 reveals the following Per Unit Units Cost Market Item Car audio equipment Speakers Stereos Amplifiers Subwoofers 349 $104 $112 264 125 115 330 100 109 208 66 56 Security equipment Alarms Locks Cameras 484 164 154 295 107 97 216 326 336 Binocular equipment Tripods Stabilizers 189 88 98 174 109 119 Required of cost or market for the inventory applied separately to each item 2. If the market amount is less than the recorded cost of the iniventory, then record the LCM adjustment to the Merchandise Inven account Next Complete this auestions by enterina vour answers in the tabs below. Prey 6 of 6
