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 300 units $14.00 -4,200 Jan. 10 Sales 250 units $46.00 Mar. 14 Purchase 520 units $19.00 - 9,880 Mar.15 Sales 460 units $46.00 July 30 Purchase 500 units $24.00 12.000 Oct. 5 Sales 480 units @ $44.00 Oct. 26 Purchase 200 units $29.00 - 5.800 Totals 1,520 units $31,880 1,190 units Exercise 5-7 Perpetual: Inventory costing methods-FIFO and LIFO LOP1 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. 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 of Goods Sold Inventory Balance Prev 1 of 1 HE Next Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. Perpetual FIFO: Goods Purchased #of Cost units per unit Date Cost of Goods Sold # of units Cost Cost of Goods sold Sold per unit Inventory Balance Cost # of units Inventory per unit Balance 300 @ $ 14.00 = $ 4.200.00 January 1 January 10 250 $ 14.00 $ 3,500.00 50 $ 14.00 = $ 700.00 March 14 520 @ $ 19.00 50 $14.00 $ 700.00 $ 19.00 $ 700.00 March 15 @ S 14.00 - $ @ $ 19.00 0.00 0.00 July 30 October 5 October 26 Totals $ 3,500.00 Required Required 2 > Prev 1 of 1 Next Determine the costs assigned to ending Inventory and to cost of goods sold using LIFO. Perpetual LIFO: Goods Purchased #of Cost units Date Cost of Goods Sold # of units Cost Cost of Goods sold per unit Sold per unit Inventory Balance Cost # of units Inventory per unit Balance 300 @ $14.00 - $ 4,200.00 January 1 January 10 March 14 March 15 July 30 October 5 October 26 Totals $ 0.00 520 units @ $19.00 - 9,880 460 units @ $44.00 Mar.14 Purchase Mar.15 Sales July 30 Purchase Oct. 5 Sales Oct. 26 Purchase Totals 500 units 0- 12,000 480 units @ $44.00 200 units @.00 1,520 units 5,800 $ 31,880 1,190 units 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. Required 1 Required 2 Required 3 Compute the gross margin for FIFO method and LIFO method. FIFO: LIFO: Sales revenue Less: Cost of goods sold Gross margin
