Saved 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. Units Acquired at Cost 255 units @ $12.20 - $ 3,111 Units Sold at Retail 210 units @ $42.20 410 units @ $17.20 - 7,052 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 350 units @ $42.20 455 units @ $22.20 - 10,101 430 units @ $42.2e $27.20 - 155 units 1,275 units 4,216 $24,480 990 units Exercise 6-7 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, 29 Required t Required 2 Required 3 points Determine the costs assigned to ending inventory and to cost of goods sold using FIO. Perpetual FIFO: ebook Date Goods Purchased of Cost per units unit Cost of Goods Sold of units Cost per Cost of Goods sold unit Sold January 1 Inventory Balance # of units Cost per Inventory unit Balance 255 @ $ 1220 - $ 3.111.00 January 10 Print March 14 References March 15 July 30 October 5 October 26 Totals 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 Cost of Goods Sold # of Date Cost per of units Cost per Cost of Goods units unit sold unit Sold January 1 255 January 10 March 14 Inventory Balance Cost per Inventory Balance @ $ 12.20 - $ 3,111.00 unit March 15 July 30 October 26 Totals Complete this questions by entering your answers in the below tabs. AAA AAAAA Required 3 Required 1 Required 2 Compute the gross margin for FIFO method and LIFO method. FIFO: LIFO: Sales revenue Less: Cost of goods sold Gross margin i tat india |