Required information Use the following information for the Exercises below. [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 Retail Jan. 1 Beginning inventory 275 units @ $13.00 - $ 3,575 Jan. 10 Sales 230 units @ $43.00 Mar.14 Purchase 450 units & $18.00 - 8,100 Mar.15 Sales 400 units @ $43.00 July 30 Purchase 475 units @ $23.00 - 10,925 Oct. 5 Sales 455 units @ $43.00 Oct. 26 Purchase 175 units $28.00 = 4,900 Totals 1,375 units $ 27,500 1,085 units Print rences Exercise 5-7 Perpetual: Inventory costing methods-FIFO and LIFO LO P1 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. 5 Homework Saved Required information inventory WOO Chase of Cost por units unit LOST OTLOOS DOI of units Cost per Cost of Goods sold unit Sold Cost per Date of units unit $13.00 = Inventory Balance $ 3,575.00 January 1 275 January 10 230 $ 43.00 $ 9,890.00 $13.00 = eBook March 14 450 $ 18.00 e $ 13.00 $18.00 ferences March 15 400 $ 13.00 - July 30 475 $ 23.00 $ 13.00 $ 23.00 October 5 455 October 26 175 @ $28.00 $28.00 Me Ch 05 Homework Saved 3 Required information 1.66 points Goods Purchased #of Cost per units unit Cost of Goods Sold of units Cost per Cost of Goods sold unit Sold Date Inventory Balance Cost per #of units Inventory unit Balance $ 13.00 = S 3,575.00 January 1 275 Book January 10 230 $43.00 $ 9,890.00 $ 13.00 = March 14 450 $ 18,00 $ 13.00 $ 18.00 References March 15 400 July 30 475 $ 23,00 $23.00 October 5 455 October 26 1750 $28.00 $ 28,00 Total $9.890.00 Me Graw Saved Ch 05 Homework 3. Exercise 5-7 Perpetual: Inventory costing methods-FIFO and LIFO LO P1 166 points 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. Book Hint Print Complete this questions by entering your answers in the below tabs. References Required 1 Required 2 Required 3 Compute the gross margin for FIFO method and LIFO method, FIFO: LIFO: $ 27,500 $ 27,500 Sales revenue Less: Cost of goods sold Gross margin
