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Required information [The following information applies to the questions displayed below
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 | @ $10 | = | $ | 2,000 | ||||||||
| Jan. | 10 | Sales | 150 | 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.
Required 1Required 2 Required 3 Determine the costs assigned to ending inventory and to cost of goods sold using FIFO Per has ost of Goods # of units 1 unit Sold #of units | # of units sold | Cost per unit Cost per Inventory Balance Cost per Date unit January1 January 10 March 14 20010.002,000.00 10.00 10.00 15.00 150| @ S 40.00 | $6,000.00 35015.00 March 15 $ 10.00! July 30 450| @? S 20.00 10.00 20.00 October 5 October 26 10025.00 25.00 Totals 5 6,000.00
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