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

295

units

@ $13.80

=

$

4,071

Jan.

10

Sales

240

units

@ $43.80

Mar.

14

Purchase

480

units

@ $18.80

=

9,024

Mar.

15

Sales

420

units

@ $43.80

July

30

Purchase

495

units

@ $23.80

=

11,781

Oct.

5

Sales

465

units

@ $43.80

Oct.

26

Purchase

195

units

@ $28.80

=

5,616

Totals

1,465

units

$

30,492

1,125

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. Date Activities Units Acquired at Cost Units Sold at Retail an. 1 Beginning inventor Jan. 10 Sales Mar.14 Purchase Mar.15 Sales July30 Purchase Oct. 5 Sales Oct. 26 Purchase 295 units $13.80 4,071 480 units $18.80 9,024 495 units $23.8011,781 195 units $28.80 5,616 240 units $43.80 420 units $43.80 465 units $43.80 Totals 1,465 units $30,492 1,125 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 Required information Required1Required 2 Required 3 Determine the costs assigned to ending inventory and to cost of goods sold using FIFO Perpetual FIFO: ods Purchased ost of Goods Sold Inventory Balance #of units Cost per | unit # of units sold Cost per unit Cost of Goods Sold Cost per Inventory Balance Date # of units unit 295 13.80 4,071.00 January 1 January 10 March 14 March 15 July 30 October 5 October 26 Totals $ 0.00 Required 1Required 2 Required 3 Determine the costs assigned to ending inventory and to cost of goods sold using LIFO ods Purchased Inventory Balance #of units Cost per unit # of units sold Cost per unit Cost of Goods Sold Cost per unit Inventory Balance Date # of units January 1 January 10 March 14 295 13.804,071.00 March 15 July 30 October 5 October 26 Totals $0.00 Required 1 Required 3> 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 1Required 2 Required 3 Compute the gross margin for FIFO method and LIFO method. FIFO: LIFO: Sales revenue Less: Cost of goods sold Gross margin Required 2 Required 3