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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. \begin{tabular}{|c|c|c|c|c|c|c|c|c|c|c|c|c|c|c|c|c|c|c|c|} \hline \multirow{3}{*}{\begin{tabular}{l} 12 \\ points \end{tabular}} & \multirow{3}{*}{\begin{tabular}{l} Date \\ January 1 \\ \end{tabular}} & \multicolumn{4}{|c|}{ Goods Purchosed } & \multicolumn{7}{|c|}{ Cost of Goods Sold } & \multicolumn{7}{|c|}{ Imventery Balance } \\ \hline & & \multicolumn{2}{|c|}{ \# of units } & \multicolumn{2}{|c|}{\begin{tabular}{l} Costpor \\ unit \end{tabular}} & \multicolumn{2}{|c|}{ \# of units sold } & \multicolumn{2}{|c|}{\begin{tabular}{c} Cost per \\ unit \end{tabular}} & \multicolumn{3}{|c|}{ Cost of Goods Sold } & \multicolumn{2}{|c|}{ \# of units } & \multicolumn{2}{|c|}{\begin{tabular}{c} Cost per \\ unit \end{tabular}} & \multicolumn{3}{|c|}{\begin{tabular}{l} Inventory \\ Balance \end{tabular}} \\ \hline & & & & & & s. & & & & & & & 265 & at & $ & 12.60 & = & $ & 3,339.00 \\ \hline \multirow{3}{*}{ eBosk } & January 10 & & & & & 225 & at & $ & 12.60 & * & $ & 2.835 .00 & 40 & af & $ & 12.60 & = & 5 & 504.00 \\ \hline & \multirow{2}{*}{ March 14} & 430 & at & $ & 17.60 & & & & & & & & 40 & at & 5 & 12.60 & = & 5 & 504.00 \\ \hline & & & & & & & & & & & & & 430 & at & $ & 17.60 & = & & 7,568,00 \\ \hline \multirow{2}{*}{Hint8} & Total March 14 & & & & & & & & & & & & & & & & - & $ & 8,072,00 \\ \hline & \multirow[b]{2}{*}{ March 15} & & & & & 40 & at & $ & 1260 & = & $ & 504.00 & & at & $ & 12.60 & 1 & & \\ \hline \multirow{2}{*}{ Ask } & & & & & & 330 & at & $ & 17.60 & = & & 5,808.00 & 100 & at & 5 & 17.60 & = & $ & 1,760.00 \\ \hline & Tolal March 15 & & & & & & & & & & $ & 6.312 .00 & & & & & & 5 & 1,760.00 \\ \hline \multirow{3}{*}{ Pint } & \multirow{3}{*}{ July 30} & 465 & at & $ & 22.60 & & & & & & & & 100 & at & 5 & 12.60 & = & s & 1,260.00 \\ \hline & & & & & & & & & & & & & 100 & at & $ & 17.60 & = & & 1,760.00 \\ \hline & & & & & & & & & & & & & 465 & at & s & 22.60 & = & & 10,809.00 \\ \hline \multirow{10}{*}{ Deferences } & Total July 30 & & & & & & & & & & & & & & & & & & 13.529 .00 \\ \hline & \multirow{3}{*}{ October 5} & & & & & & at & $ & 1260 & = & $ & 0.00 & & at & s & 12.60 & & & \\ \hline & & & & & & & at. & s & 17.60 & = & & 0.00 & & at & 5 & 17.60 & & & \\ \hline & & & - & & & & at & 5 & 22.60 & = & & 0.00 & & at & 5 & 2260 & & & \\ \hline & Total October 5 & & & & & & & & & & & & & & & & & & \\ \hline & \multirow{4}{*}{ October 26} & 165. & at & 5 & 27.60 & & & & & & & & & an & 8 & 12.60 & & & \\ \hline & & & & & & & & & & & & & & at & $ & 17.60 & & & \\ \hline & & & & & & & & & & & & & & at & 5 & 22.60 & & & \\ \hline & & & & & & & & & & & & & & at & 5 & 27.60 & & & \\ \hline & Totals & & & & & & & & & & $ & 9,147.00 & & & & & & & \\ \hline \end{tabular} 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. 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. Compute the gross profit for FIFO method and LIFO method. 8 (i) Saved (1) Required information \begin{tabular}{|c|c|c|c|c|c|c|c|c|} \hline \multicolumn{9}{|c|}{ Perpetual LIFO: } \\ \hline \multirow[b]{2}{*}{ Date } & \multicolumn{2}{|c|}{ Goods Purchased } & \multicolumn{3}{|c|}{ Cost of Goods Sold } & \multicolumn{3}{|c|}{ Inventory Balance } \\ \hline & # of units & \multirow[t]{2}{*}{\begin{tabular}{c} Cost per \\ unit \end{tabular}} & \multirow[t]{2}{*}{\begin{tabular}{l} \# of units \\ sold \end{tabular}} & \multirow[t]{2}{*}{\begin{tabular}{c} Cost per \\ unit \end{tabular}} & \begin{tabular}{l} Cost of Goods \\ Sold \end{tabular} & \# of units & \multirow[t]{2}{*}{\begin{tabular}{c} Cost per \\ unit \end{tabular}} & \multirow[t]{2}{*}{\begin{tabular}{c} Inventory \\ Balance \end{tabular}} \\ \hline January 1 & & & & & & & & \\ \hline January 10 & & & & & & & & \\ \hline \multicolumn{9}{|l|}{ March 14} \\ \hline \multirow{2}{*}{\multicolumn{9}{|c|}{ Total March 14}} \\ \hline & & & & & & & & \\ \hline \multicolumn{9}{|l|}{ March 15} \\ \hline \multirow{2}{*}{\multicolumn{9}{|c|}{ Total March 15}} \\ \hline & & & & & & & & \\ \hline \multirow{2}{*}{\multicolumn{9}{|c|}{ July 30}} \\ \hline & & & & & & & & \\ \hline & & & & & & & & \\ \hline \multicolumn{9}{|l|}{ Total July 30} \\ \hline & & & & & & & & \\ \hline \multirow{2}{*}{ October 5} & & & & & & & & \\ \hline & & & & & & & & \\ \hline \multicolumn{9}{|l|}{ Total October 5} \\ \hline & & & & & & & & \\ \hline \multirow{2}{*}{\multicolumn{9}{|c|}{ October 26}} \\ \hline & & & & & & & & \\ \hline Totals & & & & & 0.00 & & & \\ \hline \end{tabular} Prev 1 of 1 Next

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