Required information Required information

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.

Exercise $5-10$A $($Static$)$ Periodic: Inventory costing LO P$3$

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 profit for each method. c$)$ Gross Profit

Use the following information for the Exercises $8-10$ below. $(Static)$

Skip $to$ question

$[The$ following information applies $to$ the questions displayed below.$]$

Hemming Company reported the following current$-$year purchases and sales for its only product.

Date Activities Units Acquired $at$ Cost Units Sold $at$ Retail

January $1$ Beginning inventory $200$ units @ $$10=$ $ $2,000$

January $10$ Sales $150$ units @ $$40$

March $14$ Purchase $350$ units @ $$15=5,250$

March $15$ Sales $300$ units @ $$40$

July $30$ Purchase $450$ units @ $$20=9,000$

October $5$ Sales $430$ units @ $$40$

October $26$ Purchase $100$ units @ $$25=2,500$

Totals $1,100$ units $ $18,750880$ units

Exercise $5-8(Static)$ Perpetual: Inventory costing methods$-$FIFO and LIFO $LOP1$

Required:

Hemming uses a perpetual inventory system.

Determine the costs assigned $to$ ending inventory and $tocostof$ goods sold using FIFO.

Determine the costs assigned $to$ ending inventory and $tocostof$ goods sold using LIFO.

Compute the gross profit for FIFO method and LIFO method.