A-3 DateJanuary 1January 10March 14March 15July 30October 5October 26Required:Hemming uses a perpetual inventory system.ActivitiesBeginning inventorySalesPurchaseSalesPurchaseSalesPurchaseTotalsRequired 11. 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.DateComplete this question by entering your answers in the tabs below.January 1January 10Required 2 Required 3Exercise 5-8 (Algo) Perpetual: Inventory costing methods-FIFO and LIFO LO P1Units Acquired at Cost255 units @ $12.20 =410 units@ $17.20 =@ $22.20455 units@ $27.20 =155 units1,275 unitsDetermine the costs assigned to ending inventory and to cost of goods sold using FIFO.Perpetual FIFO:Cost of Goods SoldCostperunitGoods Purchased# of unitsCostperunit# of unitssold255 x at$ 12.20$ 3,1117,05210, 1014,216$ 24,480X Answer is not complete.=Cost of GoodsSoldUnits Sold at Retail$ 3,111.00210 units# of units350 units430 units990 units@ $42.20@ $42.20@ $42.20Inventory BalanceCostperunitInventoryBalance

Name: A-3 DateJanuary 1January 10March 14March 15July 30October 5October 26R
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Description: A-3 DateJanuary 1January 10March 14March 15July 30October 5October 26Required:Hemming uses a perpetual inventory system.ActivitiesBeginning inventorySalesPurchaseSalesPurchaseSalesPurchaseTotalsRequired 11. Determine the costs assigned to ending inve

FIFO Method :— In this method, beginning inventory and old purchases is used first for output or…

Business

Accounting

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.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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