Answer Happy

Perpetual FIFO:
Perpetual LIFO:
Compute the gross profit for FIFO method and LIFO method:
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Required Information [The following information applies to the questions displayed below] Hemming Company reported the following current-year purchases and sales for its only product. Date January 1 January 10 March 14 March 15 July 30 October 5 October 26 Activities Beginning inventory Sales Purchase Sales Purchase Sales Purchase Totals Required: Hemming uses a perpetual Inventory system. Required 1 Units Acquired at Cost @$10.40- @$15.40- Required 2 210 units Required 3 310 units 410 units 110 units 1,040 units @ $20.40- Complete this question by entering your answers in the tabs below. @$25.40 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. $ 2,184 4,774 8,364 2,794 $ 18,116 Units Sold at Retail 170 units 270 units 380 units 820 units @$40.40 9540.40 @$40.40
Required information January 11 January 10 Date March 14 Total March 14 March 15 Total March 15 July 30 Total July 30 October 5 Total October 5 October 20 Totals Goods Purchased #of units 310 at Cost per unit $ 15.40 #of units sold Perpetual FIFO Cost of Goods Sold Cost per unit Cost of Goods Sold 0.00 # of units 210 at 40 Inventory Balance Cost per unit $ 10.40- at $ 15.40 Inventory Balance $ 2,184.00
Date January 1 January 10 March 14 Total March 14 March 15 Total March 15 July 30 Total July 30 October 5 Total October 5 October 26 Totals Goods Purchased # of units Cost per unit # of units sold Perpetual LIFO Cost of Goods Sold Cost per unit Cost of Goods Sold S D 0.00 # of units Inventory Balance Cost per unit Inventory Balance
Required 1 Required 2 Required 3 Compute the gross profit for FIFO method and LIFO method. Sales revenue Less: Cost of goods sold Gross profit FIFO < Required 2 LIFO