70.2K

Verified Solution

Link Copied!

Hemming company reported the following current-year purchases and sales for its only product. Hemming uses a perpetual inventory system.

Required information Use the following information for the Exercises 8-10 below. (Algo) [The following information applies to the questions displayed below) Hemming Company reported the following current.year purchases and sales for its only product Date Activities Units Acquired at Cost Units sold at Retail January 1 Beginning Inventory 250 units $12.00 $ 3.000 January 10 Sales 543.00 March 14 Purchase 400 units $17.00 6,500 March 25 Sales 360 units 42.00 July 30 Purchase 450 units $22.00 9.900 October 5 Sales 420 unit $43.00 October 26 Purchase 150 units 527.00 4.00 Totals 1,250 unite $ 23,750 980 unit Exercise 5-8 (Algo) Perpetual: Inventory costing methods-FIFO and LIFO LO P1 12 pos 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 told using LIFO. 3. Compute the gross profit for FIFO method and UFO method bon AL Complete this question by entering your answers in the tabs below. Required: Renuired 2 Required Determine the costs assigned to ending inventory and to cost of goods sold in FFO PFIFO Cost of Goods Solu Bolu sold Cost Cast Goods Sold Good Furchased of its Co Date story une January ME GE HI 1 of 1 Next Help Save & But 1 Check my work Required information Required 1 12 points Required 2 Required 3 Sipped Determine the costs assigned to ending Inventory and to cost of goods sold using FIFO book Perpetual Castof Goods Solid Cost per #ol units old Cost of Goods Sold unit Goods Purchase Cost per of units unit Date In of us Coat per In Balance H ASE January 1 January 10 Pro March 14 Total March 14 March 15 Total March 15 Help Saveitum 1 Check my Required information March 15 12 DO Total March 15 30 Total Suly 30 (Odober Total Och (octobar 20 Tural of !! Required information 12 points Complete this question by entering your answers in the tabs below. Skipped Required Required 2 Requid 3 Bool Compute the gross profit for FIFO method and LIFO method, Hint FIFO LIFO ASK Sales revenue Less Cost of goods sold Gross profit Print References

Answer & Explanation Solved by verified expert

See Answer