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Required information Use the following information for the Exercises 8-10 below. (Static) [The following information applies to the questions displayed below.) Hemming Co. reported the

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Required information Use the following information for the Exercises 8-10 below. (Static) [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 Retan Jan. 1 Beginning inventory 200 units & $10 - $ 2,000 Jan. 10 Sales 150 units @ $40 Mar. 14 Purchase 350 units $15 5,250 Mar. 15 Sales 300 units $40 July 30 Purchase 450 units $20 9,000 Oct. 5 Sales 430 units e $40 Oct. 26 Purchase 100 units @ $25 2,500 1,100 units Totals $18,750 880 units Exercise 5-8 (Static) Periodic: Inventory costing methods-FIFO and LIFO LO P1 Required: 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. a) Periodic FIFO Cost of Goods Sold Cost of Goods Available for Sale Cost of Goods Cost per # of units unit Available for Sale 200 $ 10.00 $ 2,000 # of units Cost per sold unit Cost of Goods Sold Ending Inventory #of units Cost Ending in ending per unit Inventory Inventory 2001 $10.00 $ 2,000 350 s 15.00 5,250 50 $15.00 750 Beginning inventory Purchases: March 14 July 30 October 26 Total 7.250 0 $ 250 550 $ 2.750 Cost of Goods Sold b) Periodic LIFO Cost of Goods Available for Sale Cost of Goods # of units Cost per Available for unit Sale 200 $ 10.00 $ 2,000 # of units Cost per sold unit Cost of Goods Sold Ending Inventory #of units Cost In ending Ending inventory Inventory per unit Beginning inventory Purchases: March 14 July 30 October 26 350 $ 15.00 5,250 $ b) Periodic LIFO Cost of Goods Available for Sale Cost of Goods Sold Cost per Cost of Goods # of units # of units Cost per Cost of unit Available for sold unit Goods Sold Salo 200 $ 10.00 $ 2,000 Ending Inventory #of units Cost Ending In ending Inventory per unit Inventory Beginning inventory Purchases: March 14 July 30 October 26 350 S 15.00 5,250 + Total 550 $ 7,250 0 $ 0 0 $ 0 c) Gross Profit FIFO LIFO

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