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[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					Units Sold at Retail
January 1	Beginning inventory	200	units	@ $10	=	$ 2,000
January 10	Sales						150	units	@ $40
March 14	Purchase	350	units	@ $15	=	5,250
March 15	Sales						300	units	@ $40
July 30	Purchase	450	units	@ $20	=	9,000
October 5	Sales						430	units	@ $40
October 26	Purchase	100	units	@ $25	=	2,500
	Totals	1,100	units			$ 18,750	880	units

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.

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. Units Acquired at Cost 200 units @ $10 Units Sold at Retail = $ 2,000 150 units @ $40 350 units @ $15 = 5,250 Date January 1 January 10 March 14 March 15 July 30 October 5 October 26 Activities Beginning inventory Sales Purchase Sales Purchase Sales Purchase 300 units @ $40 450 units @ $20 = 9,000 430 units @ $40 @ $25 = 100 units 1,100 units 2,500 $ 18,750 Totals 880 units 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. equireu moralium Date Goods Purchased Cost per # of units unit Cost of Goods Sold # of units Cost per Cost of Goods sold unit Sold Inventory Balance Cost per Inventory # of units unit Balance 200 at $ 10.00= $ 2,000.00 January 1 January 10 150 at $ 10.00 = $ 1,500.00 50 at $ 10.00 = $ 500.00 350 at $ 15.00 50 at $ 10.00 = $ 500.00 March 14 350 at $ 15.00 = 5,250.00 Total March 14 $ 5,750.00 50 at = $ 500.00 at $ 10.00 March 15 $ 10.00 $ 15.00 250 at = 100 at $ 15.00 = $ 1,500.00 3,750.00 $ 4,250.00 Total March 15 $ 1,500.00 450 at $ 20.00 150 at $ 10.00 = $ 1,500.00 July 30 at $ 15.00 at $ 20.00 Total July 30 $ 1, 0.00 20 October 5 270) at at $ 15.00 $ 20.00 4,050.00 2,800.00 $ 6,850.00 $ 15.00 $ 20.00 140 at at Total October 5 100 at $ 25.00 at October 26 at $ 15.00 $ 20.00 $ 25.00 at to an nnnnn Perpetual LIFO: Date Goods Purchased Cost per # of units unit Cost of Goods Sold # of units Cost per Cost of Goods unit Sold Inventory Balance Cost per Inventory # of units unit Balance sold January 1 January 10 March 14 Total March 14 March 15 Total March 15 July 30 Total July 30 October 5 Total October 5 October 26 cp Required 1 Required 2 Required 3 Compute the gross profit for FIFO method and LIFO method. FIFO LIFO Sales revenue Less: Cost of goods sold Gross profit

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