Required: Hemming uses a perpetual inventory system. 1. Determine the costs assigned to ending inventory and...

  

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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. Date January 1 Activities Beginning inventory January 10 March 14 March 15 July 30 October 5 October 26 Sales Purchase Sales Purchase Sales Purchase Totals Units Acquired at Cost Units Sold at Retail 255 units 410 units 455 units 155 units @ $17.20 = @ $22.20 = @$27.20= @ $12.20 = $3,111 7,052 210 units @$42.20 350 units @ $42.20 10,101 430 units @ $42.20 1,275 units 4,216 $ 24,480 990 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 profit for FIFO method and LIFO method. Date January 1 Activities Beginning inventory January 10 March 14 March 15 July 30 October 5 October 26 Sales Purchase Sales Purchase Sales Purchase Totals Units Acquired at Cost Units Sold at Retail 255 units 410 units 455 units 155 units @ $17.20 = @ $22.20 = @$27.20= @ $12.20 = $3,111 7,052 210 units @$42.20 350 units @ $42.20 10,101 430 units @ $42.20 1,275 units 4,216 $ 24,480 990 units