70.2K

Verified Solution

Link Copied!

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 Unats Sold at Retail January 1 Beginning inventory 215 units @ $10.60 = $ 2,279 January 10 Sales 180 units e $40.60 March 14 Purchase 320 units e $15.60 - 4,992 March 15 Sales 260 units e $40.60 July 30 Purchase 415 units $20.60 - 8,549 October 5 Sales 400 units e $40.60 October 26 Purchase 115 units e $25.60 2,944 Totals 1,065 units $ 18,764 840 units Exercise 5-8 (Algo) 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 profit for FIFO method and LIFO method. Complete this question by entering your answers in the tabs below. 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 Cost of Goods Sold Cost per Cost per of units Cost of Goods Sold unit January 1 Date W of units sold Inventory Balance Cost per Inventory unit Balance unit # of units

Answer & Explanation Solved by verified expert

See Answer