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Required information

[The following information applies to the questions displayed below.]

Hemming Company reported the following current-year purchases and sales for its only product.

Activities

Beginning inventory

Sales

Date

January 1

January 10

March 14

March 15

July 30

October 5

October 26

Purchase

Sales

Purchase

Sales

Units Acquired at Cost

@$11.80 =

@$16.80 =

@ $21.80 =

@ $26.80 =

Purchase

Totals

Required:

Hemming uses a perpetual inventory system.

. 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

Compute the gross profit for FIFO method and LIFO method.

Sales revenue

Less: Cost of goods sold

Gross profit

245 units

390 units

445 units

145 units

1,225 units

FIFO

< Required 2

LIFO

$ 2,891

6,552

9,701

3,886

$ 23,030

Required 3 >

Units Sold at Retail

190 units

350 units

430 units

970 units

@$41.80

@$41.80

@$41.80/n4

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Required Information

[The following information applies to the questions displayed below.)

Hemming Company reported the following current-year purchases and sales for its only product.

Date

January 1

January 10

March 14

Activities

Beginning inventory

Sales

Purchase

Sales

March 15

July 30

Purchase

Sales

October 5

October 26

Required:

Hemming uses a perpetual Inventory system.

Required 1

Complete this question by entering your answers in the tabs below.

Date

January 1

January 10

March 14

Total March 14

March 15

Total March 15

July 30

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.

Determine the costs assigned to ending inventory and to cost of goods sold using LIPO.

Perpetual LIFO

Cost of Goods Sold

Total July 30

Purchase

Totals

October 5

Total October 5

Totals

October 26

Required 2

Required 3

Goods Purchased

# of units

T

Cost

per unit

# of units

sold

Units Acquired at Cost

245 units

@ $11.88 -

145 units

1.225 units

T

T

398 units

445 units

T

F▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬

D

Cost

per unit

$16.80-

@ $21.88 -

@126.80 -

Cost of Goods

Sold

$ 0.00

< Required 1

$ 2,891

9.701

3,886

$ 23,030

6,552

#of units

1

245 at

T

Inventory

Units Sold at Retail

190 units

Required 3 >

350 units

430 units

970 units

Balance

Cost

per unit

$11.00 =

I

T

F

Inventory

Balance

@ 141.88

@ $41.80

@ $41.80

$2,695.00/nĐ

Part 1 of 3

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Required Information

[The following information applies to the questions displayed below.)

Hemming Company reported the following current-year purchases and sales for its only product.

Date

Units Acquired at Cost

@ $11.

January 1

$11.80-

January 18

March 14

$16.80-

March 15

July 30

October 5

October 26

Required:

Hemming uses a perpetual Inventory system.

Required 1

Complete this question by entering your answers in the tabs below.

January 1

January 10

Date

March 14

Total March 14

March 15

Total March 15

July 30

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.

Total July 30

Activities

Beginning inventory

Annang

Sales

Purchase

Sales

Purchase

Sales

Purchase

Totals

October 5

Determine the costs assigned to erading inventory and to cost of goods sold using PIPO.

Perpetual FIFO:

Cost of Goods Sold

Cost per

unit

TotalOctober 5

October 26

Totals

Required 2

Goods Purchased

# of units

390 at

T

Required 3

445 at

T

Cost per

unit

$ 16.80

245 units

S

5 21.80

390 units

445 units

145 units

1.225 units

145 at $ 20.80

$21.80-

@$26.88 -

# of units sold

Cost of Goods Sold

245 at

$11.00

390 at $ 16.80 =

$ 2,891

6.552

200 at $ 16.80 = $3,300.00

245 at

$11.00

390 at

$ 16.80 =

445 at $ 21.80 =

9,701

3,886

$ 23,030

S

S

S 2,095.00

0,352.00

9,247.00

$2,095.00

6,352.00

9,701.00

S 18,948.00

< Required 1

S 31,555.00

Units Sold at Retail

#of units

190 units

350 units

430 units

978 units

Inventory Balance

Cost per

unit

11.00

$11.00

245 at

45 at

90 at

390 at

45 at

90 at

45 at

90 a

45 at

390 at

|

445 at

▬

at

45 at

at

@ $41.88

@ $41.88

@ $41.88

45 at

$ =

$ 16.80 =

$

11.00

$ 16.80 =

$

11.00 $

$ =

11.00

$ 16.80 =

$ 21.80 =

$11.00

=

$10.80 =

$ 21.80 =

Required 2 >

Inventory

Balance

90 at $ 16.80 =

45

at $ 21.80 =

145 at $20.80 =

$2,095.00

495.00

990.00

0,552.00

$7,542.00

ats 11.00 1

= S

S 495.00

$ 1,512.00

S 2,007.00

$ 495.00

6,552.00

9,701.00

$ 10,748.00

$ 495.00

1.512.00

981.00

$ 2,988.00

495.00

1,512.00

981.00

3,886.00

$ 0,874.00