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 388 units @ $14.88 = $ 4,289 Units Sold at Retail 250 units 544.60 520 units $19.00 = 9,888 Date Activities Jan. 1 Beginning inventory Jan. 10 Sales Mar. 14 Purchase Mar. 15 Sales July 38 Purchase Oct. 5 Sales Oct. 26 Purchase Totals 468 units @ $44.ee 500 units @ $24.08 = 12,080 480 units @ $44.ee 288 units @ $29.00 1,520 units 5,880 $31,880 1,198 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 Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. Perpetual FIFO: Goods Purchased #of Cost units per unit Cost of Goods Sold # of units Cost Cost of Goods sold per unit Sold Date Inventory Balance Cost # of units Inventory per unit Balance 300 $14.00 - $4,200.00 January 1 January 10 March 14 March 15 July 30 October 5 October 28 Totals 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 38 units @ $14.00 = $ 4,288 Units Sold at Retail 250 units $44.ee 520 units $19.00 = 9,888 Date Activities Jan. 1 Beginning Inventory Jan. 19 Sales Mar. 14 Purchase Mar. 15 Sales July 30 Purchase Oct. 5 Sales Oct. 26 Purchase Totals 468 units $44.ee 500 units @ $24.00 12, eee 480 units $44.ee 200 units @ $29.80 = 1,520 units 5,888 $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. Complete this questions by entering your answers in the below tabs. 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 units Date Cost of Goods Sold # of units Cost Cost of Goods sold per unit Sold Cost per unit Inventory Balance Cost # of units Inventory per unit Balance 300 @ $ 14.00 - $4,200.00 January 1 January 10 March 14 March 15 July 30 October 5 October 28 Totals 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 = $ 4,280 Jan. 10 Sales 250 units @ $44.ee Mar. 14 Purchase 520 units @ $19.00 9,880 Mar. 15 Sales 460 units @ $44.ee July 38 Purchase 588 units @ $24.00 12, eee Oct. 5 Sales 480 units @ $44.ee Oct. 26 Purchase 200 units @ $29.00 5,888 Totals 1,520 units $31,888 1,198 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
