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 sold at Retail Units Acquired at Cost 245 units @ $11.30 = $ 2,891 190 units @ $11.80 390 units @ $16.80 6,552 350 units @ $41.80 Date Activities Jan. 1 Beginning inventory Jan. 10 Sales Mar. 14 Purchase Mar. 15 Sales July 30 Purchase Oct. 5 Sales Oct. 26 Purchase Totals 445 units @ $21.80 9,701 430 units @ $41.80 145 units @ $26.80 1,225 units 3,886 $23,030 970 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 . . Next > Required: Hemmning 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 ol Cost per units Cast of Goods Sold #ol units Cost of Goods sold unit Sold Cost per Inventory Balm Cont per Inventory Balance 245 @ $ 11.80 = $ 2,891 00 Date January 1 January 10 March 14 March 15 . 11 Required information 245 $11.30 $ 2,891 00 January 1 March 14 March 15 July 30 October 5 October 26 Totals C 4 5 of 26 Next > 2 Prav Required information 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 UFO. Perpetual UFO: Cope Cost of Goods Sold of units Cost per Cost of Goods sold unit Sold Bol und Center InyHY Dance $ 11.80 = $ 2,891 00 Dato 245 e January 1 January 10 March 14 March 15 July 30 October 5 S Inf 26 : Next > Required information 245 $ 11 30 $ 2,891.00 January 1 January 10 March 14 March 15 July 30 October 5 October 26 Totals Enable Exam Cap 576 0 . r. July Purhan 645 2. Dt. Purhale DOS Required Hetruming 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: Required 2 Required 3 Compute the gross margin for FIFO method and UFO method O FIFO: Sales revenue Less Cost of goods sold Gross margin (Required 2 4 5 of 26 Next >
