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. Activities Beginning inventory Sales Date January 1 January 10 March 14 March 15 July 30 October 5 Purchase Sales Purchase Sales October 26 Purchase Totals Required: Hemming uses a perpetual inventory system. Units Acquired at Cost @ $12.20 = @ $17.20 = @ $22.20 = 255 units 410 units 455 units 155 units 1,275 units @ $27.20 = $ 3,111 7,052 10, 101 4,216 $ 24,480 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. Units Sold at Retail 210 units 350 units 430 units 990 units @ $42.20 @$42.20 @ $42.20

Required information [The following information opplies to the questions displayed below] Hemming Company reported the following current-year purchases and sales for its only product. Required: temming 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. Determine the costs assigned to ending inventory and to cost of goods sold using fiFO. \begin{tabular}{|c|c|c|c|c|c|c|c|c|} \hline \multicolumn{9}{|c|}{ Perpetual FIFO: } \\ \hline \multirow[b]{2}{*}{ Date } & \multicolumn{2}{|c|}{ Goods Purchased } & \multicolumn{3}{|c|}{ Cost of Goods Sold } & \multicolumn{3}{|c|}{ Inventory Balance } \\ \hline & \# of units & \multirow[t]{2}{*}{\begin{tabular}{c} Cost por \\ unit \end{tabular}} & \# of units sold & \multirow[t]{2}{*}{\begin{tabular}{c} Cost per \\ unit \end{tabular}} & Cost of Goods Sold & \#of units & \multirow[t]{2}{*}{\begin{tabular}{c} Cost per \\ unit \end{tabular}} & \multirow[t]{2}{*}{\begin{tabular}{c} Invontory \\ Balance \end{tabular}} \\ \hline January 1 & & & & & & & & \\ \hline \multicolumn{9}{|l|}{ January 10} \\ \hline \multicolumn{9}{|l|}{ March 14} \\ \hline \multirow{2}{*}{\multicolumn{9}{|c|}{ Total March 14}} \\ \hline & & & & & & & & \\ \hline \multirow{2}{*}{\multicolumn{9}{|c|}{ March 15}} \\ \hline & & & & & & & & \\ \hline \multicolumn{9}{|l|}{ Total March 15} \\ \hline & & & & & & & & \\ \hline \multicolumn{9}{|l|}{ July 30} \\ \hline & & & & & & & & \\ \hline \multicolumn{9}{|l|}{ Total July 30} \\ \hline & & & & & & & & \\ \hline \multicolumn{9}{|l|}{ October 5} \\ \hline & & & & & & & & \\ \hline \multicolumn{9}{|l|}{ Total October 5} \\ \hline & & & & & & & & \\ \hline \multirow{2}{*}{\multicolumn{9}{|c|}{ October 26}} \\ \hline & & & & & & & & \\ \hline & & & & & & & & \\ \hline Totals & & & & & & & & \\ \hline \end{tabular} 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. Complete this question by entering your answers in the tabs below. Compute the gross profit for FIFO method and LIFO method. the costs assigned to ending inventory and to cost of goods sold using LFO. \begin{tabular}{|c|c|c|c|c|c|c|c|c|} \hline \multicolumn{9}{|c|}{ Perpetual LIFO: } \\ \hline \multirow[b]{2}{*}{ Date } & \multicolumn{2}{|c|}{ Goods Purchased } & \multicolumn{3}{|c|}{ Cost of Goods Sold } & \multicolumn{3}{|c|}{ Inventory Balance } \\ \hline & \# of units & \multirow[t]{2}{*}{\begin{tabular}{c} Cost per \\ unit \end{tabular}} & \begin{tabular}{l} \# of units \\ sold \end{tabular} & \multirow[t]{2}{*}{\begin{tabular}{c} Cost per \\ unit \end{tabular}} & \begin{tabular}{l} Cost of Goods \\ Sold \end{tabular} & \# of units & \multirow[t]{2}{*}{\begin{tabular}{c} Cost per \\ unit \end{tabular}} & \multirow[t]{2}{*}{\begin{tabular}{l} Inventory \\ Balance \end{tabular}} \\ \hline January 1 & & & & & & & & \\ \hline \multicolumn{9}{|l|}{ January 10} \\ \hline \multirow{2}{*}{\multicolumn{9}{|c|}{ March 14}} \\ \hline & & & & & & & & \\ \hline \multicolumn{9}{|l|}{ Total March 14} \\ \hline \multirow{2}{*}{\multicolumn{9}{|c|}{ March 15}} \\ \hline & & & & & & & & \\ \hline \multicolumn{9}{|l|}{ Total March 15} \\ \hline & & & & & & & & \\ \hline \multicolumn{9}{|l|}{ July 30} \\ \hline & & & & & & & & \\ \hline \multicolumn{9}{|l|}{ Total July 30} \\ \hline \multirow{2}{*}{\multicolumn{9}{|c|}{ October 5}} \\ \hline & & & & & & & & \\ \hline \multirow{2}{*}{\multicolumn{9}{|c|}{ Total October 5}} \\ \hline & & & & & & & & \\ \hline & & & & & & & & \\ \hline \multicolumn{9}{|l|}{ October 26} \\ \hline & & & & & & & & \\ \hline Totals & & & & & & & & \\ \hline \end{tabular} Required 1 Required 3 Required information [The following information opplies to the questions displayed below] Hemming Company reported the following current-year purchases and sales for its only product. Required: temming 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. Determine the costs assigned to ending inventory and to cost of goods sold using fiFO. \begin{tabular}{|c|c|c|c|c|c|c|c|c|} \hline \multicolumn{9}{|c|}{ Perpetual FIFO: } \\ \hline \multirow[b]{2}{*}{ Date } & \multicolumn{2}{|c|}{ Goods Purchased } & \multicolumn{3}{|c|}{ Cost of Goods Sold } & \multicolumn{3}{|c|}{ Inventory Balance } \\ \hline & \# of units & \multirow[t]{2}{*}{\begin{tabular}{c} Cost por \\ unit \end{tabular}} & \# of units sold & \multirow[t]{2}{*}{\begin{tabular}{c} Cost per \\ unit \end{tabular}} & Cost of Goods Sold & \#of units & \multirow[t]{2}{*}{\begin{tabular}{c} Cost per \\ unit \end{tabular}} & \multirow[t]{2}{*}{\begin{tabular}{c} Invontory \\ Balance \end{tabular}} \\ \hline January 1 & & & & & & & & \\ \hline \multicolumn{9}{|l|}{ January 10} \\ \hline \multicolumn{9}{|l|}{ March 14} \\ \hline \multirow{2}{*}{\multicolumn{9}{|c|}{ Total March 14}} \\ \hline & & & & & & & & \\ \hline \multirow{2}{*}{\multicolumn{9}{|c|}{ March 15}} \\ \hline & & & & & & & & \\ \hline \multicolumn{9}{|l|}{ Total March 15} \\ \hline & & & & & & & & \\ \hline \multicolumn{9}{|l|}{ July 30} \\ \hline & & & & & & & & \\ \hline \multicolumn{9}{|l|}{ Total July 30} \\ \hline & & & & & & & & \\ \hline \multicolumn{9}{|l|}{ October 5} \\ \hline & & & & & & & & \\ \hline \multicolumn{9}{|l|}{ Total October 5} \\ \hline & & & & & & & & \\ \hline \multirow{2}{*}{\multicolumn{9}{|c|}{ October 26}} \\ \hline & & & & & & & & \\ \hline & & & & & & & & \\ \hline Totals & & & & & & & & \\ \hline \end{tabular} 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. Complete this question by entering your answers in the tabs below. Compute the gross profit for FIFO method and LIFO method. the costs assigned to ending inventory and to cost of goods sold using LFO. \begin{tabular}{|c|c|c|c|c|c|c|c|c|} \hline \multicolumn{9}{|c|}{ Perpetual LIFO: } \\ \hline \multirow[b]{2}{*}{ Date } & \multicolumn{2}{|c|}{ Goods Purchased } & \multicolumn{3}{|c|}{ Cost of Goods Sold } & \multicolumn{3}{|c|}{ Inventory Balance } \\ \hline & \# of units & \multirow[t]{2}{*}{\begin{tabular}{c} Cost per \\ unit \end{tabular}} & \begin{tabular}{l} \# of units \\ sold \end{tabular} & \multirow[t]{2}{*}{\begin{tabular}{c} Cost per \\ unit \end{tabular}} & \begin{tabular}{l} Cost of Goods \\ Sold \end{tabular} & \# of units & \multirow[t]{2}{*}{\begin{tabular}{c} Cost per \\ unit \end{tabular}} & \multirow[t]{2}{*}{\begin{tabular}{l} Inventory \\ Balance \end{tabular}} \\ \hline January 1 & & & & & & & & \\ \hline \multicolumn{9}{|l|}{ January 10} \\ \hline \multirow{2}{*}{\multicolumn{9}{|c|}{ March 14}} \\ \hline & & & & & & & & \\ \hline \multicolumn{9}{|l|}{ Total March 14} \\ \hline \multirow{2}{*}{\multicolumn{9}{|c|}{ March 15}} \\ \hline & & & & & & & & \\ \hline \multicolumn{9}{|l|}{ Total March 15} \\ \hline & & & & & & & & \\ \hline \multicolumn{9}{|l|}{ July 30} \\ \hline & & & & & & & & \\ \hline \multicolumn{9}{|l|}{ Total July 30} \\ \hline \multirow{2}{*}{\multicolumn{9}{|c|}{ October 5}} \\ \hline & & & & & & & & \\ \hline \multirow{2}{*}{\multicolumn{9}{|c|}{ Total October 5}} \\ \hline & & & & & & & & \\ \hline & & & & & & & & \\ \hline \multicolumn{9}{|l|}{ October 26} \\ \hline & & & & & & & & \\ \hline Totals & & & & & & & & \\ \hline \end{tabular} Required 1 Required 3