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

245

units

@ $11.80

=

$

2,891

Jan.

10

Sales

190

units

@ $41.80

Mar.

14

Purchase

390

units

@ $16.80

=

6,552

Mar.

15

Sales

350

units

@ $41.80

July

30

Purchase

445

units

@ $21.80

=

9,701

Oct.

5

Sales

430

units

@ $41.80

Oct.

26

Purchase

145

units

@ $26.80

=

3,886

Totals

1,225

units

$

23,030

970

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.

Another part of this table

Another part of this table

Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. Perpetual FIFO: Goods Purchased # of Cost per units unit Cost of Goods Sold # of units Cost per Cost of Goods sold 1 unit Sold Date Inventory Balance # of units Cost per Inventory unit Balance 245 @ $ 11.80 = | $ 2,891.00 January 1 January 10 March 14 March 15 July 30 October 5 October 26 Totals Determine the costs assigned to ending inventory and to cost of goods sold using LIFO. Perpetual LIFO: Goods Purchased # of Cost per units unit Cost of Goods Sold Cost per Cost of Goods unit Sold # of units sold Date Inventory Balance Cost per Inventory # of units unit Balance 245 @ $ 11.80| = $ 2,891.00| January 1 January 10 March 14 March 15 July 30 October 5 October 26 Totals 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