$!$

Required information

Use the following information for the Exercises below. $($Algo$)$

$[$The following information applies to the questions displayed below$]$

Hemming Company reported the following current$-$year purchases and sales for its only product.

Exerclse $5-8($Algo$)$ Perlodic: Inventory costing LO P$1$

Hemming uses a periodic inventory system.

$($a$)$ Determine the costs assigned to ending inventory and to cost of goods sold using FIFO.

$($b$)$ Determine the costs assigned to ending inventory and to cost of goods sold using LIFO.

$($c$)$ Compute the gross profit for each method.

Saved

Ess: Chapter $05$

Required information

$($c$)$ Compute the gross profit for each method.

c$)$ Gross profit

$\backslash$table$[[,$FIFO,LIFO$],[,,],[,,],[,,]]$

Prey

$3^{log4}$

of $7$

Nex

Ss: Chapter $05$

$!$

Required information

Use the following information for the Exercises below. $($Algo$)$

$[$The following information applies to the questions displayed below$]$

Hemming Company reported the following current$-$year purchases and sales for its only product.

$\backslash$table$[[$Date$,$Activities,Units,Acqui,ired at$,$Cost,,Units Sold at$,,$tail$],[$January $1,$Beginning inventory,$220$ units,$($ie$,$$$10\mathrm{.}80,=,$$$2,376,190$ units,$(2),$$$40\mathrm{.}80$