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 Unit Sold at Real Unt Acquired it Cost 250 units 512.00 - $3.000 200 units $42.00 400 units $17.00 Activities Jan. 1 Beginning inventory Jan. 10 Sales Mar. 14 Purchase Mar. 15 Sales July 30 Purchase Oct. 5 Sales Oct 26 Purchase 360 units $42.00 450 units $22.00 420 units $42.00 150 units $27.00 4.050 Total 1,250 units $23,750 980 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 Required 2 Required Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. Perpetual FIFO Perpetual FIFO: 100 bot Goods Purchased tol Cost per units unit Cont of Goods Sold of units Cost per cost of Goods sold unit Sold Inventory Blog Cost pel Inventory #of units Balance 250 5 12.00 - $ 3.000.00 Date January 1 Bool January 10 March 14 March 15 Print Dance July 30 October October 26 5 0.00 Required 2 > Required information Determine the costs assigned to ending Inventory and to cost of goods sold using UFO. Perpetual LIFO: Goods Purchased Hof units unt Cost of Goods Sold of units Cost per Cost of Goods sold unit Sold Date Cost per Inventory Balance Cost per Inventory of unit Balance 250 5 12.00 $ 3.000.00 January 1 January 10 9801 March 14 March 15 July 30 October 5 October Totals 5 0.00 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 Salb stetail Units Acquired at cost 25 units 512.00 - $3,000 200 units $42,00 Date Activities Jan. 1 Beginning inventory Jan. 10 Sales Mar. 14 Purchase Mar. 15 Sales July 38 Purchase Oct. 3 Sales oct. 26 Purchase 400 units 517.00 6,30 350 units $42.00 450 units 522.00 9,900 420 units $42.00 150 units $27.00 1,250 units 4,850 $22,750 Totals 950 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: Required 3 Required Compute the gross margin for FIFO method and UFO method. FIFO: LIFO Sevenue Less Cost of goods sold Grossmag
