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 Units Acquired at Cost @ $12.20= @ $17.20 = @ $22.20 = @ $27.20 = Required: Hemming uses a perpetual inventory system. 255 units 410 units. 455 units 155 units 1,275 units $3,111 7,052 10,101 4,216 $24,480 Units Sold at Retail @ $42.20 @ $42.20 @ $42.20 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. 210 units 350 units 430 units Exercise 5-8 (Algo) Perpetual: Inventory costing methods-FIFO and LIFO LO P1 990 units.
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 Units Acquired at Cost @ $12.20= @ $17.20 = @ $22.20 = @ $27.20 = Required: Hemming uses a perpetual inventory system. 255 units 410 units. 455 units 155 units 1,275 units $3,111 7,052 10,101 4,216 $24,480 Units Sold at Retail @ $42.20 @ $42.20 @ $42.20 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. 210 units 350 units 430 units Exercise 5-8 (Algo) Perpetual: Inventory costing methods-FIFO and LIFO LO P1 990 units.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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