Question: please answer the 3 questions below, thanks 1 bok nt BE im YOS HIS FRvwmy nv ICAVII. pag [The following information applies to the questions
1 bok nt BE im YOS HIS FRvwmy nv ICAVII. pag [The following information applies to the questions displayed below] Hemming Company reported the following current-year purchases and sales for its only product Units Acquired at Cost Units Sold at Retail Date January 11 January 10. Activities Beginning inventory Sales 245 units @$11.80- $2,891 190 units @ $41.80 March 141 390 units @ $16.80- Purchase Sales 6,552 350 units 445 units @$21.80- March 15 July 30 October 5 October 26 Purchase Sales 9,701 @ $41.80 $41.80 430 units Purchase 145 units @$26.80- 3,886 Totals 1,225 units $ 23,030 970 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. Check my work
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