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 380 units @ $14.00 - $ 4,288 Jan. 10 Sales 250 units $44.ee Mar. 14 Purchase 528 units $19.00 - 9,888 Mar. 15 Sales 468 units $44.ee July 30 Purchase 500 units $24.ee 12,eee Oct. 5 Sales 480 units @ $44.ee Oct. 26 Purchase 280 units $29.88 5, see 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 Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. Perpetual FIFO: Goods Purchased # of units Date Cost of Goods Sold # of units Cost Cost of Goods sold per unit Sold Cost per unit Inventory Balance # of units Cost Inventory per unit Balance 300 @ $14.00 = $ 4,200.00 January 1 January 10 March 14 March 15 July 30 October 5 October 26 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 300 units $14.88 = $ 4,288 Units Sold at Retail 258 units @ $44.ee 460 units $44.60 520 units $19.00 = 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 9,888 500 units @ $24.ee 12.ee 480 units @ $44.ee 200 units @ $29.00 1,528 units 5,800 $31,888 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 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 1 Required 3 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 388 units @ $14.00 = $ 4,280 Jan. 10 Sales 258 units $44.ee Mar. 14 Purchase 520 units $19.00 9,888 Mar. 15 Sales 468 units @ $44.ee July 30 Purchase 500 units @ $24.00 12,eee Oct. 5 Sales 488 units $44.ee Oct. 26 Purchase 200 units @ $29.00 5.se Totals 1,520 units $31,888 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 Compute the gross margin for FIFO method and LIFO method. FIFO: LIFO: Sales revenue Less: Cost of goods sold Gross margin
