3 16 points eBook B Pint P References Required information Use the following information for the Exercises 8-10 below. (

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3 16 Points Ebook B Pint P References Required Information Use The Following Information For The Exercises 8 10 Below 1 (32.66 KiB) Viewed 59 times

3 16 points eBook B Pint P References Required information Use the following information for the Exercises 8-10 below. (Algo) [The following information applies to the questions displayed below] Hemming Co. reported the following current-year purchases and sales for its only product. Units Bold at Retail Date Activities Jan. 1 Beginning inventory Jan. 10 Sales Mar. 14 Purchase $43.40 Units Acquired at Cost 285 units $13.403,819 470 units 485 units Har. 15 Sales $43.40 July 16 Purchase 250 units $18.40- 8,648 400 units $23.40 11,349 460 units $28.40- 5,254 $29,070 1.110 unita Oct. 5 Sales 143.40 Oct. 26 Purchase 105 units 1.425 units Totale Exercise 5-8 (Algo) Periodic: Inventory costing methods-FIFO and LIFO LO P1 Required: Hemming uses a periodic inventory system. (a) Determine the costs assigned to ending inventory and to cost of goods sold using FIFO (b) Determine the costs assigned to ending inventory and to cost of goods sold using LIFO (c) Compute the gross profit for each method. a) Periodic FIFO Cost of Goods Available for Sale Cost of Goods Cost of Goods Sold Ending Inventory