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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
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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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
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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