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

250

units

@ $12.00

=

$

3,000

Jan.

10

Sales

200

units

@ $42.00

Mar.

14

Purchase

400

units

@ $17.00

=

6,800

Mar.

15

Sales

360

units

@ $42.00

July

30

Purchase

450

units

@ $22.00

=

9,900

Oct.

5

Sales

420

units

@ $42.00

Oct.

26

Purchase

150

units

@ $27.00

=

4,050

Totals

1,250

units

$

23,750

980

units

Exercise 6-7 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.

Exercise 6-7 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. 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 FIFO. Perpetual FIFO: Goods Purchased # of Cost narl Cost of Goods Sold # of units Cost ner Cost of Goods Inventory Balance Cost ner Inventor Required information VCLCIUILIC LIC CUola assyricu Lu Chung HIVCILI anu Lo cual vi yuuus sulu unny III U. Perpetual FIFO: Goods Purchased # of units unit Cost per Cost of Goods Sold # of units Cost per Cost of Goods sold unit Sold Cost per Date Inventory Balance Inventory # of units unit Balance 250 @ $ 12.00= $ 3,000.00 January 1 January 10 200 March 14 March 15 July 30 Required information July 30 October 5 October 26 Totals $ 0.00 Required information Required 1 Required 2 Required 3 Determine the costs assigned to ending inventory and to cost of goods sold using LIFO. Perpetual LIFO: Goods Purchased # of units unit Cost per Cost of Goods Sold # of units Cost of Goods sold unit Sold Cost per Date Inventory Balance Cost per # of units Inventory unit Balance 250 @ $ 12.00= $ 3,000.00 January 1 January 10 March 14 March 15 Required information July 30 October 5 October 26 Totals $ 0.00 LUMINULE LE UIUS mai un IUI I ILUMIELIVU anu LIL V MIELUU. Required information 9 . Required 1 Required 2 Required 3 Compute the gross margin for FIFO method and LIFO method. FIFO: LIFO: Sales revenue Less: Cost of goods sold Gross margin