! Required information Use the following information for the Exercises 8-10 below. (Algo) (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 205 units @ $10.20 = $ 2,091 160 units @ $40.20 300 units @ $15.20 = 4,560 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 250 units @ $40.20 400 units @ $20.20 8,080 375 units @ $40.20 105 units @ $25.20 1,010 units 2,646 $17,377 785 units Exercise 5-10A (Algo) Perpetual: Inventory costing LO P3 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 profit for FIFO method and LIFO method. 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. 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 Cost per # of units unit Cost of Goods Sold Cost per # of units sold Cost of Goods Sold unit Date Inventory Balance Cost per Inventory # of units unit Balance 205 @ $ 10.20 = $ 2,091.00 $ 10.20 = January 1 January 10 160 @ $ 40.20 = $ 6,432.00 March 14 300 @ $ 15.20 @ $ 10.20 @ $ 15.20 March 15 250 $ 10.20 July 30 400 @ $ 20.20 @ $ 10.20 @ $ 20.20 October 5 October 26 105 @ $ 25.20 @ $ 25.20 Totals $ 6,432.00 Required 1 Required 2 > 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. Required 1 Required 2 Required 3 Determine the costs assigned to ending inventory and to cost of goods sold using LIFO. Perpetual LIFO: Goods Purchased # of Cost per unit Cost of Goods Sold # of units Cost Cost of Goods sold per unit Date Inventory Balance Cost Inventory # of units per unit Balance 205 @ $ 10.20 $ 2,091.00 units Sold January 1 January 10 March 14 March 15 July 30 October 5 October 26 Totals $ 0.00 3. Compute the gross profit for FIFO method and LIFO method. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Compute the gross profit for FIFO method and LIFO method. FIFO: LIFO: Sales revenue Less: Cost of goods sold Gross profit
