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Required Information [The following information applies to the questions displayed below.) Hemming Co. reported the following current-year purchases and sales for Its only product. Date Activities Units Acquired at Cost Units Sold at Retail Jan. 1 Beginning inventory 2e0 units @ $10 = $ 2,800 Jan. 10 Sales 158 units @ $40 Mar. 14 Purchase 350 units @ $15 5,250 Mar.15 Sales 300 units @ $40 July 30 Purchase 450 units @ $20 9,000 Oct. 5 Sales 430 units @ $40 Oct. 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 margin for FIFO method and LIFO method. e > @ > @ > = @ Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. Perpetual FIFO: Goods Purchased Cost of Goods Sold Inventory_Balance Cost Cost # of Date # of units Cost Cost of Goods per per Inventory units # of units sold per unit unit Sold unit Balance January 1 S 200 $ = 10.00 2.000.00 January 10 150 s 10.000 1,500.00 50@ 10.00 $ 500.00 S s 350 March 14 15.00 50 10.00 500.00 S 350 @ 15.00 5,250.00 S 5,750.00 S March 15 50 S 10.00 $ 500.00 50 10.00 $ 500.00 IS 250 3,750.00 s 100 S 15.00 15.00 1,500.00 s s 4,250.00 2,000.00 450 S July 30 S 20.00 10.00 S 15.00 S 20.00 II > GI = = @ = @ GI @ October 5 100 350 X XXX 450 October 26 100 @ 25.00 @ IS 25.00 Totals S 5,750.00 Determine the costs assigned to ending inventory and to cost of goods sold using LIFO. Perpetual LIFO: Goods Purchased # of Cost per units unit Cost of Goods Sold # of units Cost Cost of Goods sold per Sold unit Date Inventory Balance Cost Inventory # of units per unit Balance $ 200 @ $ 2.000.00 10.00 January 1 GI January 10 March 14 March 15 July 30 October 5 October 26 Totals $ 0.00 0 Required Information [The following information applies to the questions displayed below.] Hemming Co. reported the following current-year purchases and sales for its only product. Date Activities Units Acquired at Cost Units Sold at Retail Jan. 1 Beginning inventory 200 units @ $ie = $ 2,800 Jan. 10 Sales 158 units @ $40 Mar. 14 Purchase 350 units @ $15 5,250 Mar.15 Sales 300 units @ $40 July 30 Purchase 450 units @ $20 9,800 Oct. 5 Sales 438 units @ $40 Oct. 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 margin for FIFO method and LIFO method. Answer is not complete. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Compute the gross margin for FIFO method and LIFO method. FIFO: LIFO: Sales revenue Less: Cost of goods sold Gross margin

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