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. Ativiti Units Required at cost Units sold at Natal Jan. 1 Beginning inventory 290 units 512.00 - $3,456 Jan. 10 sale 220 unit $42.BD A. 14 Purces 400 units 517.80 7,120 Mar. 15 Sales 340 unit. $42.80 July 3D Purchase 470 units $22.00 10,716 Oct. 5 Sale 440 units $42.80 Oct. 26 Purchase 120 units $27.00 - 4.726 Totale 1.310 unit 526.018 1.000 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. Complete this questions by entering your answers in the below tabs. Required Required 2 Required) Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. Perpetual FIFO: Good Porsheed of Cost Cost of Goods Sold of units Cost Cost of Goods sold Sold per unit Inventory Balance Cost of units Inventory por un Balance 270 $1280 $ 3,458.00 January January 10 March 14 Required 1 Required 2 Required 3 Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. Perpetual FIFO: Goods Purchased Cost of Goods Sold Inventory Balance Date Cost # of units Cost Cost of Goods # of units Cost Inventory units per unit sold per unit Sold per unit Balance January 1 270 @ $ 12.80 = $ 3,456.00 January 10 # of March 14 March 15 July 30 October 5 October 26 Totals $ 0.00 Required 1 Required 2 Required 3 Determine the costs assigned to ending inventory and to cost of goods sold using LIFO. Perpetual LIFO: Goods Purchased of Cost units Cost of Goods Sold # of units Cost Cost of Goods sold per unit Sold Date Inventory Balance Cost Inventory # of units per unit Balance 270 @ $ 12.80 = $ 3,456.00 per unit January 1 January 10 March 14 March 15 July 30 October 5 October 26 Totals $ 0.00 ne rollowing information appnes to the questions displayed below.) Hemming Co. reported the following current-year purchases and sales for its only product Units Sold at Retail Units Acquired at cost 270 units $12.80 - $3,456 220 units e $42.80 400 units e $17.80 - 7,120 Date Activities Jan. 1 Beginning inventory Jan. 10 Sales Mar. 14 Purchase Mar. 15 Sales July 30 Purchase Oct. 5 Sales Oct. 26 Purchase Totals 340 units $42.80 470 units e $22.80- 10,716 440 units e $42.80 170 units $27.80 = 1.310 units 6,726 $ 26,018 1,000 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. Complete this questions by entering your answers in the below tabs. Required 1 Required 2 Required 3 Compute the gross margin for FIFO method and LIFO method. FIFO: LIFO: Sales revenue Less: Cost of goods sold Gross margin
