Question: Please help with the wrong answer Required information Use the following information for the Exercises below. [The following information applies to the questions displayed below]
Please help with the wrong answer
Required information Use the following information for the Exercises below. [The following information applies to the questions displayed below] Hemming Co. reported the following current-year purchases and sales for its only product. Date Activities Units Acquired at Cost Units Sold at Retail Jan. 1 Beginning inventory 205 units 9 $10.20 = $ 2,091 Jan.10 Sales 160 units a $40.20 Mar.14 Purchase 300 units 9 $15.20 = 4,560 Mar.15 Sales 250 units 9 $40.20 July30 Purchase 400 units a $20.20 = 8,080 Oct. 5 Sales 375units 9 $40.20 Oct.26 Purchase 105 units a $25.20 = 2,646 Totals 1 , 010 units $17, 377 785 units L 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. Perpetual LIFO: Goods Purchased Cost of Goods Sold Inventory Balance # of Cost # of units Cost Cost Date Cost of Goods # of units Inventory units per sold per Sold per unit unit Balance unit January 1 205 @ = 10.20 $ 2,091.00 January 10 160 @ $ V $ 1,632.00 @ = 10.20 = 45 $ 10.20 459.00 March 14 45 X @ $ 45 $ 10.20 X @ 10.20 $ 459.00 50 X @ 10.20 510.00 $ 969.00 March 15 45 X $ @ = $ 459.00 @ $ = 10.20 45 10.20 $ 459.00 300 X $ = 10.20 3,060.00 50 @ = 10.20 510.00 $ 3,519.00 $ 969.00 July 30 400 @ $ 20.20 V 45 = $ 10.20 459.00 50 $ = 10.20 510.00 400 $ @ 20.20 8,080.00 $ 9,049.00 October 5 $ 45 X 10.20 $ 459.00 45 @ = 10.20 $ 459.00 50 X $ @ S 510.00 50 $ = 10.20 10.20 510.00 $ $\fPerpetual FIFO: Goods Purchased Cost of Goods Sold Inventory Balance # of Cost # of units Cost Cost of Goods Cost Date units per sold per Sold # of units Inventory per unit unit unit Balance January 1 205 $ @ 10.20 = $ 2,091.00 January 10 160 @ $ $ X = $ 6,432.00 O X = 40.20 10.20 March 14 300 $ 205 X $ 15.20 @ = 10.20 $ 2,091.00 $ 300 @ 15.20 4,560.00 $ 6,651.00 March 15 250 X @ $ = 10.20 $ 2,550.00 205 X $ @ = 10.20 $ 2,091.00 $ $ 300 X @ = 15.20 4,560.00 300 X @ 15.20 $ 4,560.00 $ 7, 110.00 $ 6,651.00 July 30 400 @ $ 205 X $ 20.20 @ = 10.20 $ 2,091.00 300 X $ = 15.20 4,560.00 400 $ @ S 20.20 8,080.00 $ 14,731.00 October 5 $ 205 X @ = $ 2,091.00 205 X $ = 10.20 10.20 $ 2,091.00 300 X @ $ S 4,560.00 300 X = 15.20 15.20 4,560.00