USE HE TUHUVITY INTUITITALIUI TUI LIE CACILISes veruv. [The following information applies to the questions displayed below.) Hemming Co. reported the following current-year purchases and sales for its only product. Units Sold at Retail Units Acquired at Cost 205 units $10.20 - $ 2,091 300 units $15.20 - 4,560 Date Activities Jan. 1 Beginning inventory Jan. 10 Sales Mar. 14 Purchase Mar.15 Sales July3D Purchase Oct. 5 Sales Oct.26 Purchase Totala 160 units $40.20 250 units e $40.20 400 units @ $20.20 = 8,080 375 units @ $40.20 105 units $25.20 - 2,646 1,010 units $17,377 785 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 Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. Required information Goods Purchased # of units unit Cost of Goods Sold # of units Cost per Cost of Goods sold unit Sold Date Cost per Inventory Balance Cost per # of units Inventory unit Balance 205 @ $ 10.20 = $ 2,091.00 January 1 January 10 OK March 14 ht art March 15 ences July 30 October 5 October 26 Required information March 15 July 30 October 5 October 26 Totals $ 0.00 Necum Required 2 > Required...ormation Perpetual LIFO: Goods Purchased # of units unit Cost per Cost of Goods Sold # of units Cost of Goods sold unit Sold Cost per Date Inventory Balance Cost per # of units Inventory unit Balance $ 10.20 = $ 2,091.00 205 @ January 1 January 10 March 14 March 15 July 30 October 5 October 26 Totals $ 0.00 Prey 1 of 4 !!! Next > MacBook Pro 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