some of the answee thats been anwer are not correct please with correct anwers

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 260 units @ $12.40 = $ 3,224

Jan. 10 Sales 215 units @ $42.40

Mar. 14 Purchase 420 units @ $17.40 = 7,308

Mar. 15 Sales 380 units @ $42.40

July 30 Purchase 460 units @ $22.40 = 10,304

Oct. 5 Sales 425 units @ $42.40

Oct. 26 Purchase 160 units @ $27.40 = 4,384

Totals 1,300 units $ 25,220 1,020 units

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.

e: Connect Knowledge Check (due D... Swed Required information [The following information applies to the questions displayed below.) Herming Co. reported the following current-year purchases and sales for its only product. Units Sold at Retail Units Acquired at Cost 260 units @ $12.40 = $ 3, 224 215 units @ $42.40 420 units @ $17.40 - 7, 308 Date Activities Jan. 1 Beginning inventory Jan.10 Sales Mar.14 Purchase Mar.15 Sales July30 Purchase Oct. 5 Sales Oct.26 Purchase Totals 380 units @ $42.40 460 units @ $22.40 - 10,304 425 units @ $42.40 160 units @ $27.40 = 4,384 1,300 units $25, 220 1,020 units 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 Ulfo. 3. Compute the gross margir for FIFO method and Lif methadi Required information March 15 45 @ $ 12.40 $ 558.00 $ 12.40 - 335 @ $ 17.40 85 a $17.40 = $ 5,829 00 $ 6,387.00 1.479.00 1,479.00 $ July 30 460 @ $ 22.40 @ 85@ $ 12.40 $ 17.40 = $ 22 40 = 1.479.00 10,304.00 460 @ $ 11,783.00 October 5 @ $ 12.40 $ 0.00 @ $17.40 S 22.40 0.00 0.00 $ 12.40 $ 17.40 $ 22.40 @ H @ 160 @ October 26 @ $ 27.40 @ @ $ 12.40 $17.40 $ 22.40 $ 27.40 10 $ 9.053.00 Totals of 5 Next > COM M