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. Date Activities Units Acquired at Cost Units Sold at Retail January 1 Beginning inventory 260 units $12.40 - $ 3,224 January 19 Sales 215 units @ $42.40 March 14 Purchase 420 units $17.40 - 7,308 March 15 Sales 380 units $42.40 July 3e Purchase 460 units @ $22.40 10,304 October 5 Sales 425 units @ $42.40 October 26 Purchase 160 units $27.40 4,384 Totals 1,300 units $ 25,220 1,820 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 profit for FIFO method and LIFO method Prey 1 of 1 i Next O 62F Clear $$ ! 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. Date Activities Units Acquired at Cost Units sold at Retail January 1 Beginning inventory 260 units $12.40 $ 3,224 January 10 Sales 215 units @ $42.40 March 14 Purchase 420 units e $17.40 - 7,308 March 15 Sales 380 units @ $42.40 July 30 Purchase 460 units @ $22.40 - 10,304 October 5 Sales 425 units @ 542.40 October 26 Purchase 160 units @ $27.40 4,384 Totals 1,300 units $ 25, 220 1,020 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 profit for FIFO method and LIFO method Prav 1 of 1 Nax earch o O . 62F Clear O 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. Date Activities Units Acquired at Cost Units sold at Retail January 1 Beginning inventory 260 units $12.40 - $ 3,224 January 10 Sales 215 units $42,40 March 14 Purchase 420 units @ $17.40 7.388 March 15 Sales 380 units @542.40 Purchase 460 units @ $22.40 10,304 October 5 Sales 425 units 542.40 Oc Purchase 160 units $27.40 4,384 Totals 1,300 units $ 25,220 1,820 units July 30 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 1 * OR * 62F Clear 2 Search