Question: please help! what is wrong about 430 @ $20.00? Exercise 5-7 Perpetual: Inventory costing methods-FIFO and LIFO LO P1 Required: Hemming uses a perpetual inventory


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. Answer is complete but not entirely correct. Complete this questions by entering your answers in the below tabs. Required 1 Required 2 Required 3 Determine the costs assigned to ending inventory and to cost of goods sold using LIFO. Perpetual LIFO: Goods Purchase sot Cost units per unit Cost of Goods Sold Cost of units Cost of Goods sold per unit Sold Inventory Balance Cost Inventory per Balance Date Perpetual LIFO: Goods Purchased Cost # of per units unit Date Cost of Goods Sold # of units Cost Cost of Goods sold per unit Sold January 1 January 10 150 @ 10.00 - $1,500.00 @ $ March 14 350 o > 15.00 Inventory Balance Cost Inventory # of units per unit Balance 200 10.00 $2,000.00 50 $ 10.00 $ 500.00 50 E $ 500.00 10.00 350 @ 5,250.00 15.00 $5,750,00 S 50 10.00 $ 500.00 50 @ $ $ 750.00 15.00 $1,250.00 50 $ $ 500.00 10.00 $ 50 750.00 15.00 . March 15 S 0.00 > @ = @ 2 300 10.00 S 15.00 4,500.00 $4,500.00 July 30 450 > 20.00 450 @ IS 20.00 9,000.00 $ 10.250.00 October 5 11 $ 0.00 50 11 S 10.00 $ $ 500.00 2 0.00 15.00 50 s 10.00 $ 15.00 $ 20.00 = 430 $ 20.00 8,600.00 430 X 750.00 8,600.00 $9,850.00 $8,600.00 October 26 100 B 25.00 50 $ . $ 500.00 50 10.00 $ 15.00 S 20.00 750.00 20 O B 400.00 100 25.00 2,500.00 Totals 14,600.00 $ 4,150.00 Required 1 Required 3 >
Step by Step Solution
There are 3 Steps involved in it
Get step-by-step solutions from verified subject matter experts
