Required information The following information applies to the questions displayed below. Hemming Company reported the following current year purchases and sales for its only product, Activiti United at coat Unita Solet al January Beginning investory 225 C $11.00 - $ 2,475 JANUARY 10 Sales 150 unite 141.00 March 14 Trebase 340 units $16.00 - 5,440 March 15 Sales 300 unita $41.00 July 30 Parehase 425 wnita 121.00 - 1.925 Otober 5 Sales 395 white # $41.00 Detober 26 Purchase 125 unita $26.00 - 2.250 Totale 1.115 units $30,00 845 unita 190 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 profit for FIFO method and UFO method. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required Determine the costs assigned to ending inventory and to cost of goods sold using Pro PO Goods Bethane Cost of Goods Sold Del Cost per of units Cost per unit Cost of Goods Sold January 1 ay 10 Be Cost per Total March 14 March 15 Tulad March 15 Sy 30 Obers Our Twe 00 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 profit for FIFO method and LIFO method. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Determine the costs assigned to ending Inventory and to cost of goods sold using LIFO. Date Soods. Purchased Cost per of units unit Perpetual LIFO Cost of Goods Sold Hof units Cost per Cost of Goods sold unit Sold 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 Total October 5 October 26 Totals 0.00 (Required 1 Required 3 > Units Aequired at Cost 225 unita $11.00 - $ 2,475 Date January 1 January 10 March 14 March 15 July 30 October 5 October 26 340 units $16.00 - Activities Beginning inventory Sales Purchase Sales Purchase Sales Purchase Totals 5,440 425 units e $21.00 - 8,925 125 units 1,115 units $26.00 - 3,250 $ 20,090 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 profit for FIFO method and LIFO method. Complete this question by entering your answers in the tabs below. 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
