! Required information (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 Units Acquired at Cost Units Sold at Retail Jan. 1 Beginning inventory 215 units @ $10.60 - $ 2,279 Jan. 10 Sales 180 units @ $40.60 Mar. 14 Purchase 320 units @ $15.60 4,992 Mar. 15 Sales 260 units @ $40.60 July 30 Purchase 415 units @ $20.60 8,549 Oct. 5 Sales 400 units @ $40.60 Oct. 26 Purchase 115 units @ $25.60 2,944 Totals 1,065 units $18,764 840 units Required: Hemming uses a perpetual inventory system. 1. Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. 2. Determine the costs assigned to ending inventory and to cost of goods sold using LIFO. 3. Compute the gross margin for FIFO method and LIFO method. Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. Perpetual FIFO Goods Purchased Cost of Goods Sold Cost # of units Cost of Goods sold per unit Sold Date Cost per unit of units of units January 1 215 January 10 180 $ 1,908,00 Inventory Balance Cost Inventory per Balance unit S 10.60 $ 2,279.00 3 $ 371.00 10.60 $ 10.60 $ 371.00 4,992.00 $ 5,383.00 35 @ 10.60 March 14 320 @ 15.00 351 320 115 60 March 15 35 10.60 10.60 225 @ 371.00 3,510.00 $ 3,881.00 95 la 15,60 15,60 $ 1.482.00 $ 1,482.00 July 30 415 la $ 20.60 10.60 $ 1,007,00 us @ 415 15.00 6,474.00 20 60 $ 7,481.00 October 5 1103 953 305 @ 4.758.00 15.60 15.60 20.00 @ 0.00 $ 4,758.00 20.00 October 26 115 @ 25.00 110 115 15.00 1.794.00 20.60 25.60 Totals 10,547.00 $ 1.794.00 Prey 1 of 1 !! Next Required information Perpetual LIFO: Goods Purchased Cost of Goods Sold Date #of units Cost per unit # of units sold Cost por unit Cost of Goods Sold Inventory Balance Cost Inventory # of units per Balanco unit 215 $ @ $ 2,279.00 January 1 10.60 > January 10 180 @ 35 l 10.60 1.908.00 $ 371.00 March 14 320 @ . 35 @ $ 10.60 $ 10.60 $ 15.60 = $ 371,00 15.60 320 @ 4,992.00 $ 5,363.00 March 15 260 @ 10.60 35 $ 371.00 @ @ $ 2756.00 0.00 60 10.60 $ 15.60 15.60 936.00 $ 2.756.00 $ 1,307.00 July 30 415 . @ > 20.60 35 l $ 10.60 $ 371.00 60@ # 936.00 415 @ 15.60 is 20,60 8,549.00 $ 9,856.00 October 5 400 X @ 10.60 35 $ 371,00 @ @ 4,240,00 0.00 $ 10.60 S 15.60 = 60 @ 936.00 @ 15.60 $ 20.60 0.00 15 20.60 309.00 4,240.00 $ 1.616.00 October 26 115 25.60 35 60 @ 10.60 $ 371.00 936.00 15 le 15.60 $ 20.60 $ 25.60 309.00 115 2,944.00 Totals 8.904.00 $ 4,560.00