Hemming Co. reported the following current-year purchases and sales for its only

Question

Hemming Co. reported the following current-year purchases and sales for its only product an. 1 Beginning inventory Jan.10 Sales Mar. 14 Purchase Har. 15 Sales Duly 30 Purchase Oct. 5 Sales Oct.26 Purchase 280 units$13.20 3,696 46e units$18.20- 8,372 480 units 23.2011,136 10enits @ $28.20 ·5,076- 240 units 543.20 410 units $43.20e 450 units $43.20 Totals 1,409 units $28,280 1,100 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 Complete this questions by entering your answers in the below tabs. Required 1 Required 2Required 3 Determine the costs assigned to ending inventory and to cost of goods sold using FIFO PerpetualEIEO: Cost of Goods Sold Inventory Balance 11/3/2017 e to search DOLL

Explanation / Answer

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Perpetual FIFO Purchases Cost of goods sold Ending iventory Date Units Cost Vlaue Units Cost Vlaue Units Cost Vlaue Jan.1 0 0 280 13.20 3696 Jan.10 0 240 13.20 3168 40 528 Mar.14 460 18.20 8372 0 500 8900 Mar.15 0 40 13.20 528 460 8372 0 370 18.20 6734 90 1638 July.30 480 23.20 11136 0 570 12774 Oct.5 0 90 18.20 1638 480 11136 0 360 23.20 8352 120 2784 Oct.26 180 28.20 5076 0 300 7860 0 0 Total 24584 20420 Ending Inventory   units 300 Value Cost per unit for 180 units 28.20 5076 Cost per unit for 120 units 23.20 2784 Value of ending inventory 300 units 7860 Cost of goods sold 20420

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