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. Units Acquired at Cost 200 units @ $10 - $ 2,000 Units Sold at Retail 150 units @ $40 350 units @ $15 5,250 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 300 units @ $40 450 units @ $20 9,000 430 units @ $40 @ $25 100 units 1,100 units 2,500 $18,750 880 units Required: Hemming uses a perpetual inventory system. 1. Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. 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 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 FIFO. Perpetual FIFO: Goods Purchased # of units unit Date Cost per Cost of Goods Sold # of units Cost per Cost of Goods sold unit Sold Cost per Inventory Balance Inventory # of units unit Balance 200 $100 = nnn January 1 AMRI Required information 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 usin.FO. Perpetual FIFO: Goods Purchased # of units unit Date Cost per Cost of Goods Sold #of units Cost of Goods sold unit Sold Cost per Inventory Balance Cost per Inventory # of units unit Balance 200 @ 5 10.00 - $ 2,000.00 January 1 January 10 March 14 Saved Midi Lil 14 Required information March 15 July 30 October 5 October 26 Tatale Required information October 5 October 26 Totals Required 1 Required 2 > Saved Required information 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 unit Date Cost per Cost of Goods Sold of units Cost per Cost of Goods sold unit Sold Cost per Inventory Balance # of units Inventory unit Balance 200 @ $10.00 $ 2.000.00 January 1 January 10 March 14 March 15 Arch comheducation.com/ext/map/index.html?_con=con&external browser=0&launchUrl https%253A252F%252Fmy.tcod.edu%252Fwebapps%252Fpo Tube Maps MindTap - Cengage... math lab my TCC - Blackboar... Students Login ork Savod Help Required information July 30 October 5 October 26 Totals Students i Log ork Saved Required information Complete this question by entering your answers in the tabs below. 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
