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need question 6-8 answered ect Hemming Co. reported the following current-year purchases and sales...

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need question 6-8 answered

ect Hemming Co. reported the following current-year purchases and sales for its only product Which Date Activities Units Acquired at Cost Units Sold at Retail Exercise 6-7 Perpetual Inventory costing methods-FIFO and LIFO 200 units @ $10 = $ 2.000 ell the 150 units a $40 350 units a $15 = 5,250 Jan. 1 Jan 10 Mar. 14 Mar. 15 July 30 Oct. 5 Oct. 26 Beginning inventory Sales Purchase Sales... . Purchase .... Sales.... Purchase ... Totals. 300 units @ $40 450 units a $20 - 9,000 430 units a $40 pur house up for 100 units o $25 = 1,100 units 2,500 $18,750 880 units quired Required Hemming uses a perpetual inventory system. Determine the costs assigned to ending inventory and to cost of goods sold using (a) FIFO and (b) LIFO. Compute the gross margin for each method. to cents.) Check ing Refer to the information in Exercise 6-7. Ending inventory consists of 45 units from the March 14 pur: chase, 75 units from the July 30 purchase, and all 100 units from the October 26 purchase. Using the specific identification method, compute (a) the cost of goods sold and (b) the gross profit. (Round amounts to cents.) Exercise 6-8 Specific identification P1

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