Required information

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

Skip to question

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

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

Date	Activities	Units Acquired at Cost					Units Sold at Retail
January 1	Beginning inventory	230	units	@ $11.20	=	$ 2,576
January 10	Sales						160	units	@ $41.20
March 14	Purchase	350	units	@ $16.20	=	5,670
March 15	Sales						320	units	@ $41.20
July 30	Purchase	430	units	@ $21.20	=	9,116
October 5	Sales						400	units	@ $41.20
October 26	Purchase	130	units	@ $26.20	=	3,406
	Totals	1,140	units			$ 20,768	880	units

Exercise 5-10A (Algo) Perpetual: Inventory costing methodsFIFO and LIFO LO P1

Required:

Hemming uses a perpetual inventory system.

Determine the costs assigned to ending inventory and to cost of goods sold using FIFO.

Determine the costs assigned to ending inventory and to cost of goods sold using LIFO.

Compute the gross profit for FIFO method and LIFO method.