Exercise 5-8 Periodic: Inventory costing methods-FIFO and LIFO P1 Hemming Co. reported the following current-year purchases and sales for its only product. Date Jan. 1 Jan. 10 Mar. 14 Mar. 15 July 30 Oct. 5 Oct. 26 Activities Beginning inventory.... Sales..... Purchase Sales..... Purchase Sales.. Purchase Totals Units Acquired at Cost 200 units @ $10=$ 2,000 350 units@ $15 = 450 units @ $20 = 100 units@ $25 = 1,100 units 5,250 9,000 2,500 $18,750 Units Sold at Retail 150 units @ $40 300 units @ $40 430 units @ $40 880 units

Exercise 5-8 Periodic: Inventory costing methods-FIFO and LIFO P1 Hemming Co. reported the following current-year purchases and sales for its only product. Date Jan. 1 Jan. 10 Mar. 14 Mar. 15 July 30 Oct. 5 Oct. 26 Activities Beginning inventory.... Sales..... Purchase Sales..... Purchase Sales.. Purchase Totals Units Acquired at Cost 200 units @ $10=$ 2,000 350 units@ $15 = 450 units @ $20 = 100 units@ $25 = 1,100 units 5,250 9,000 2,500 $18,750 Units Sold at Retail 150 units @ $40 300 units @ $40 430 units @ $40 880 units

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Description: Please do not give solution in image format thanku Refer to the information inExercise 5-8 and assume theperpetual inventory system isused. Determine the costsassigned to ending inventory andto cost of goods sold using (a)FIFO and (b) LIFO. (c) Compu

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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