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Required: Hemming uses a perpetual inventory system. Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. Determine the costs
Required:
Hemming uses a perpetual inventory system.
Determine the costs assigned to ending inventory and to cost of goods sold using FIFO.
Determine the costs assigned to ending inventory and to cost of goods sold using LIFO,
Compute the gross profit for FIFO method and LIFO method,
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Determine the costs assigned to ending inventory and to cost of goods sold using FIFO.
tablePerpetual FIFO:Goods Purchased,Cost of Goods Sold,Inventory Balance# of units,tableCost perunit# of units sold,tableCost perunitCost of Goods Sold,# of units,tabletableCost perunittableInventoryBalanceJanuary at$$January at$$March atffdbcabdbdeafebd
table$at$at$Total March March $Total March July at$at$at$Total July October Total October October at$at$Totals$
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