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The answer says incomplete. please help Required information The following information applies to the questions displayed below) Hemming Company reported the following current year purchases
The answer says incomplete. please help
Required information The following information applies to the questions displayed below) Hemming Company reported the following current year purchases and sales for its only product Date Motive Unit Arred tout IR ALL January 1 Beginning inventory 275 #013.00 - 83,595 January 10 Sale 210 unit 13.00 March 14 Purchase 450 units # $10.00 - 0.100 March 15 Sales 400 unit #863.00 July 30 Purchase 475 unita 323.00 - 10,925 October Bales 455 unita # $43.00 Detober 26 Purchase 125 nits $28.00 9.900 Total 1.35 unica 5.27,500 1,085 unito 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 profit for FIFO method and LIFO method Determine the costs assigned to ending inventory and to cost of goods sold using LIFO. Perpetual LIFO Goods Purchased Cost of Goods Sold Date Cost Cost of units # of units por Cost of Goods per sold unit of units Sold unit January 1 275 at January 10 230 at 19.00 - $ 2,990,00 45 450 March 14 18.00 45 at Total March 14 Inventory Balance Cost per Inventory unit Balance 13.00 = $ 3,575.00 at 13.00 $ 585.00 3 at = $4,585.00 13.00 $ 18.00 $ 585.00 at IS 0.00 45 at March 15 $ 685.00 13.00 $ 18.00 400 01 7,200.00 50 13.00 IS 18.00 at Total March 15 900.00 $ 1,485.00 $7.200.00 475 at 23.00 45 at IS 13.00 S 585.00 July 30 50 18.00 900.00 Required information 23.00 July 30 50 > 13.00 $ 18.00 at 900.00 475 at 23.00 Total July 30 10,925.00 $ 12.410.00 455 13.00 $5.915.00 45 at 13.00 $ 585.00 October 6 at 0.00 18.00 50 at - 900.00 455 at 18.00 IS 23.00 23.00 20 at 460.00 Total October 5 10,465.00 s 16,380.00 s+.945.00 175 at 28.00 45 at $ 585,00 > > 50 at October 26 900.00 20 13.00 $ 18.00 $ 23.00 S 28.00 at 460.00 175 at 4,900.00 Totals 26,570.00 $ 6,845.00 Step by Step Solution
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