I am having such a difficult time with LIFO. last in first out? Corret, my brain does not want to think this way.

M 7 5| | | PPTP MOD Course Hero x Q laker company chapter 5 homew X + X C https://ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Fnewconnect.mheducation.. to . . . Ch 5 Homework i Saved Help Save & Exit Submit O Check my work 2 O Required information 2.3 Use the following information for the Exercises 8-10 below. (Algo) points [The following information applies to the questions displayed below.] + eBook Hemming Company reported the following current-year purchases and sales for its only product. Hint Date Activities Units Acquired at Cost Sold at Retail @ $14.00 = $ 4, 200 References January 1 Beginning inventory 300 units January 10 Sales 250 units @ $44.00 March 14 Purchase 520 units @ $19.00 9, 880 March 15 Sales 460 units @ $44.00 July 30 Purchase 500 units @ $24.00 12, 000 October 5 Sales 480 units @ $44.00 October 26 Purchase 200 units @ $29.00 = 5, 800 Totals 1, 520 units $ 31, 880 1, 190 units Exercise 5-8 (Algo) 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 profit for FIFO method and LIFO method. Mc Graw Hill 79.F 8:51 PM Q Search a W P Sunny 6/23/2023M 7 5 | ? | | PPTP MOD Course Hero x Q laker company chapter 5 homew X + X C @ https://ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Fnewconnect.mheducation.. Al to . . . Ch 5 Homework i Saved Help Save & Exit Submit O Check my work 2 Required information O 2.3 Determine the costs assigned to ending inventory and to cost of goods sold using LIFO. points Perpetual LIFO: + Goods Purchased Cost of Goods Sold Inventory Balance eBook Date Inventory # of units Cost per # of units Cost per Cost of Goods # of units Cost per unit sold unit Sold unit Balance Hint January 1 300 at $ 14.00 = 4,200.00 References January 10 March 14 Total March 14 March 15 Total March 15 July 30 Total July 30 October 5 Total October 5 Mc Graw Hill 79.F Q Search a W [P X Sunny WILOO 8:51 PM 6/23/2023M 7 5 | PPP|10 PM| | Course Hero X Q laker company chapter 5 homew X + X C https://ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Fnewconnect.mheducation.. to . . . Ch 5 Homework i Saved Help Save & Exit Submit O Check my work 2 IIULal March 14 ! Required information O Total March 15 2.3 points July 30 + eBook Total July 30 Hint References October 5 Total October 5 October 26 Totals $ 0.00 Mc Graw CO3 Hill 79.F 8:52 PM Q Search Sunny WILOO a W [P 6/23/2023