pogle Chrome File Edit View History Bookmarks Profiles Tab Window Help Inbox (264)-abic x MACC101 Principle: x (4724) IFRS vs. G X M Chapter 6 Home X M Question 14 - Cha x iConnect - Home × M esc ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Fbb.mwcc.edu%252Fwe... Chapter 6 Homework Saved 2 Part 1 of 2 Use the following information for the Exercises below. (Algo) [The following information applies to the questions displayed below.] Hemming Company reported the following current-year purchases and sales for its only product. Date 14.25 points March 14. March 15 July 30 October 5 October 26 Sales Purchase Sales January 1 January 10 Activities. Beginning inventory Units Acquired at Cost 260 units @$12.40= Units Sold at Retail $ 3,224 215 units @ $42.40 420 units Purchase Sales Purchase Totals 460 units @ $17.40 = @ $22.40 = 7,308 380 units @ $42.40 10,304 425 units @ $42.40 160 units 1,300 units @ $27.40 = 4,384 $ 25,220 1,020 units 1 eBook Hint Ask Print References Required: Mc Graw Hill a Exercise 6-8 (Algo) Perpetual: Inventory costing methods-FIFO and LIFO LO P1 Hemming uses a perpetual inventory system. 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. Complete this question by entering your answers in the tabs below. 2 M -> < Prev 2 3 of 16 Next > E 12 tv T MacBook Pro A # C $ G Search or type URL ☆ % 5 6 &7 ( ) 7 8 9 0 8888 3 4 ELI ய R T Y U Help dit View History Bookmarks Profiles Tab Window Help x MACC101 Principle X (4724) IFRS vs. G x M Chapter 6 Homev x M Question 14 - Cha xiConnect - Home X education.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Fbb.mwcc.edu%252Fwe... ework i Required information Required 1 Required 2 Required 3 Saved Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. Help Goods Purchased Date # of units Cost per unit # of units sold Perpetual FIFO: Cost of Goods Sold Cost per Cost of Goods Sold unit # of units Inventory Balance Cost per unit Inventory Balance 260 at $ 12.40 = $ 3,224.00 January 1 January 10 215 at $ 12.40 $ = 2,666.00 45 at $ 12.40 $ 558.00 unt 420 at $ 17.40 45 at $ 12.40 = $ 558.00 rences March 14 420 at $ 17.40 = 7,308.00 Total March 14 $ 7,866.00 45 at $ 12.40 $ March 15 Total March 15 460 at $. 22.40 335 at $ 17.40 = $ 558.00 5,829.00 6,387.00 45 at $ 12.40 $ 558.00 85 at $ 17.40 = $ 1,479.00 $ 2,037.00 at $ 12.40 July 30 85 at $ 17.40 460 at $ 22.40 = 1,479.00 10,304.00 Mc Graw Hill Total July 30 < Prev 2 3 of 16 Next > 11946 12 tv MacBook Pro $ 11,783.00 с G Search or type URL ☆ # $ % & 2 3 4 5 6 7 8 9 W F R T > = - 0 C