Required information [The following information applies to the questions displayed below.] Hemming Company reported the following...
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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 January 1 January 10 Activities Beginning inventory Sales March 14 March 15 Purchase Sales July 30 Purchase October 5 Sales October 26 Purchase Totals Units Acquired at Cost 235 units @ $11.40 = Units Sold at Retail $ 2,679 170 units @ $41.40 360 units @ $16.40 = 5,904 290 units @ $41.40 435 units @ $21.40 = 9,309 410 units @ $41.40 135 units 1,165 units @ $26.40 = 3,564 $ 21,456 870 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. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. Date Goods Purchased Number of units Cost per Number of units unit sold Perpetual FIFO: Cost of Goods Sold Cost per Cost of Goods Sold unit Number of units Inventory Balance Cost per unit January 1 January 10 March 14 Total March 14 March 15 Total March 15 July 30 Total July 30 October 5 Total October 5 October 26 Totals Required 1 Required 2 > Inventory Balance Saved 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 January 1 January 10 Activities Beginning inventory Sales March 14 March 15 Purchase Sales July 30 Purchase October 5 Sales October 26 Purchase Totals Units Acquired at Cost 235 units @ $11.40 = Units Sold at Retail $ 2,679 170 units @ $41.40 360 units @ $16.40 = 5,904 290 units @ $41.40 435 units @ $21.40 = 9,309 410 units @ $41.40 135 units 1,165 units @ $26.40 = 3,564 $ 21,456 870 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. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. Date Goods Purchased Number of units Cost per Number of units unit sold Perpetual FIFO: Cost of Goods Sold Cost per Cost of Goods Sold unit Number of units Inventory Balance Cost per unit January 1 January 10 March 14 Total March 14 March 15 Total March 15 July 30 Total July 30 October 5 Total October 5 October 26 Totals Required 1 Required 2 > Inventory Balance Saved
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