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FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Question
A-3
![Date
January 1
January 10
March 14
March 15
July 30
October 5
October 26
Required:
Hemming uses a perpetual inventory system.
Activities
Beginning inventory
Sales
Purchase
Sales
Purchase
Sales
Purchase
Totals
Required 1
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.
Date
Complete this question by entering your answers in the tabs below.
January 1
January 10
Required 2 Required 3
Exercise 5-8 (Algo) Perpetual: Inventory costing methods-FIFO and LIFO LO P1
Units Acquired at Cost
255 units @ $12.20 =
410 units
@ $17.20 =
@ $22.20
455 units
@ $27.20 =
155 units
1,275 units
Determine the costs assigned to ending inventory and to cost of goods sold using FIFO.
Perpetual FIFO:
Cost of Goods Sold
Cost
per
unit
Goods Purchased
# of units
Cost
per
unit
# of units
sold
255 x at
$ 12.20
$ 3,111
7,052
10, 101
4,216
$ 24,480
X Answer is not complete.
=
Cost of Goods
Sold
Units Sold at Retail
$ 3,111.00
210 units
# of units
350 units
430 units
990 units
@ $42.20
@ $42.20
@ $42.20
Inventory Balance
Cost
per
unit
Inventory
Balance](https://content.bartleby.com/qna-images/question/5e56eb1b-4766-48d2-8d55-443493dd23dc/53f46fbd-7863-4f7e-9d0f-1ea9633268d9/950xbxb_thumbnail.png)
Transcribed Image Text:Date
January 1
January 10
March 14
March 15
July 30
October 5
October 26
Required:
Hemming uses a perpetual inventory system.
Activities
Beginning inventory
Sales
Purchase
Sales
Purchase
Sales
Purchase
Totals
Required 1
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.
Date
Complete this question by entering your answers in the tabs below.
January 1
January 10
Required 2 Required 3
Exercise 5-8 (Algo) Perpetual: Inventory costing methods-FIFO and LIFO LO P1
Units Acquired at Cost
255 units @ $12.20 =
410 units
@ $17.20 =
@ $22.20
455 units
@ $27.20 =
155 units
1,275 units
Determine the costs assigned to ending inventory and to cost of goods sold using FIFO.
Perpetual FIFO:
Cost of Goods Sold
Cost
per
unit
Goods Purchased
# of units
Cost
per
unit
# of units
sold
255 x at
$ 12.20
$ 3,111
7,052
10, 101
4,216
$ 24,480
X Answer is not complete.
=
Cost of Goods
Sold
Units Sold at Retail
$ 3,111.00
210 units
# of units
350 units
430 units
990 units
@ $42.20
@ $42.20
@ $42.20
Inventory Balance
Cost
per
unit
Inventory
Balance
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