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

300

units

@ $14.00

=

$

4,200

Jan.

10

Sales

250

units

@ $44.00

Mar.

14

Purchase

520

units

@ $19.00

=

9,880

Mar.

15

Sales

460

units

@ $44.00

July

30

Purchase

500

units

@ $24.00

=

12,000

Oct.

5

Sales

480

units

@ $44.00

Oct.

26

Purchase

200

units

@ $29.00

=

5,800

Totals

1,520

units

$

31,880

1,190

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.

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 Sold at Retail Date Activities Units Acquired at Cost Jan. 1 Beginning Jan.10 Sales Mar.14 Purchase Mar.15 Sales July30 Purchase Oct. 5 Sales Oct.26 Purchase 300 units$14.00 250 units$44.00 520 units$19.00 460 units $44.00 500 units s24.00 480 units $44.00 200 units 29.00 - 5,800 1,520 units $31,880 1,190 units Totals 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 Required Determine the costs assigned to ending inventory and to cost of goods sold using FIFO 2 3 Perpetual FIFO Goods Purchased Cost of Goods Sold Inventory Balance Cost | # of units per Good per unit Cost Cost #of units Cost #Of units per Balance unit Inventory Date sold 300 | @ | ,4.00|- January 1 January 10 March 14 4.200.00 March 15 July 30 October5 October 26 Totals Complete this questions by entering your answers in the below tabs. Required RequiredRequired Determine the costs assigned to ending inventory and to cost of goods sold using LIFO 1 2 3 Perpetual LIFO Goods Purchased Cost of Goods Sold Inventory Balance Cost | # of units per unit Cost per Cost unit ,4.00| #of units Cost of Inventory Date sold unit Goods Sold | # of units 300 | @ January 1 January 10 March 14 4,200.00 March 15 July 30 October 5 October 26 Totals K Required 1 Required 3 Complete this questions by entering your answers in the below tabs. Required RequiredRequired Compute the gross margin for FIFO method and LIFO method. 1 2 3 FIFO: LIFO: Sales revenue Less: Cost of goods sold Gross margin Required 2 Required 3