Determine the costs assigned to ending inventory and to cost of goods sold using LIFO. Perpetual LIFO:Goods PurchasedCost of Goods SoldInventory Balance# ofunitsCost perunit# of unitssoldCost perunitCost of GoodsSoldCost perunitInventoryBalanceDate# of unitsJanuary 1250 @ $ 12.00 =$ 3,000.00January 10200 @ S 12.00 =$ 2,400.0050 @ $ 12.00 = $ 600.00March 14400 @ $ 17.0050 @ $ 12.00 = s400 @ $ 17.00 =600.006,800.00$ 7,400.00$ 12.00 =@ $ 17.0050 @ $ 12.00 =S@ $ 17.00 =March 15@0.00600.000.00600.00July 30October 5October 26150 @$ 27.00October 26150 @$ 27.00@ $ 27.00Totals$ 2,400.00 Hemming Co. reported the following current-year purchases and sales for its only product.ActivitiesUnits Acquired at Cost250 units @ $12.00DateUnits Sold at Retail= $ 3,000Jan. 1 Beginning inventoryJan. 10 Sales200 units @ $42.00Mar.14 Purchase400 units @ $17.006,800Mar.15 Sales360 units @ $42.00July30 Purchase450 units @ $22.009,900Oct. 5 Sales420 units @ $42.00Oct. 26 Purchase150 units @ $27.004,050Totals1,250 units$23,750980 units

Name: Determine the costs assigned to ending inventory and to cost of goods
Uploaded: 2024-03-20T06:32:37.000Z
Channel: Bartleby
Description: Determine the costs assigned to ending inventory and to cost of goods sold using LIFO. Perpetual LIFO:Goods PurchasedCost of Goods SoldInventory Balance# ofunitsCost perunit# of unitssoldCost perunitCost of GoodsSoldCost perunitInventoryBalanceDate#