Required information
Use the following information for the Exercises below. Algo
The following information applies to the questions displayed below.
Hemming Company reported the following currentyear purchases and sales for its only product.
tableDateActivities,Units,Acquired atCost,,Units Sold atRetailJanuary Sales,,,,, units,@$March Purchase, units,@$March Sales,,,,, units,@$October Sales,,,,, units,@$October Purchase, units,@$Totals units,,,$ units,
Exercise Algo Perpetual: Inventory costing methodsFIFO and LIFO LO P
Required:
Hemming uses a perpetual inventory system.
Determine the costs assigned to ending inventory and to cost of goods sold using FIFO.
Determine the costs assigned to ending inventory and to cost of goods sold using LIFO.
Compute the aross profit for FIFO method and LIFO method.
