specific id , weighted average, fifo and lifo

Exercise 5-7 Perpetual: Inventory costing methods--FIFO and LIFO P10 Hemming Co. reported the following current-year purchases and sales for its only product. Units Sold at Retail Units Acquired at Cost 200 units @ $10 = $2,000 150 units @ $40 350 units @ $15 = 5,250 Date Activities Jan. 1 Beginning inventory Jan. 10 Sales Mar. 14 Purchase Mar. 15 Sales July 30 Purchase Oct. 5 Sales Oct. 26 Purchase Totals 300 units @ $40 450 units @ $20 = 9.000 430 units @ $40 100 units @ $25 = 1.100 units 2.500 S18,750 880 units Required Hemming uses a perpetual inventory system. Determine the costs assigned to ending inventory and to cost of goods sold using FIFO and (6) LIFO. Compute the gross margin for each method. (Round amounts to cents.) Check Ending inventory LIFO, $4,150 Exercise 5-8 Specific identification P1 Refer to the information in Exercise 5-7 Ending inventory consists of 45 units from the March 14 purchase, 75 units from the July 30 purchase, and all 100 units from the October 26 purchase. Using the specific identification method, compute (a) the costo goods sold and (b) the gross profit. (Round amounts to cents.)