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Use the following information for the Exercises 8-10 below. (Algo) [The following information applies to...

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Accounting

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.

Date Activities Units Acquired at Cost Units Sold at Retail
January 1 Beginning inventory 295 units @ $13.80 = $ 4,071
January 10 Sales 240 units @ $43.80
March 14 Purchase 480 units @ $18.80 = 9,024
March 15 Sales 420 units @ $43.80
July 30 Purchase 495 units @ $23.80 = 11,781
October 5 Sales 465 units @ $43.80
October 26 Purchase 195 units @ $28.80 = 5,616
Totals 1,465 units $ 30,492 1,125 units

Exercise 6-8 (Algo) Perpetual: Inventory costing methodsFIFO 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.

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