Can you please point 26 and total as well it was too large to show all in one picture. Thank you! Perpetual LIFO:Goods PurchasedCost of Goods SoldInventory BalanceCost perCost perInventoryBalanceCost per# of unitssold# ofCost of GoodsDate# of unitsunitsunitunitSoldunitJanuary 1200@$ 10.00$ 2,000.00January 10March 14March 15July 30October 5 Required information[The following information applies to the questions displayed below.]Hemming Co. reported the following current-year purchases and sales for its only product.Units Sold at RetailUnits Acquired at Cost200 units @ $10 = $ 2,000DateActivitiesJan. 1 Beginning inventoryJan. 10 Sales150 units @ $40Mar.14 Purchase350 units @ $15= 5,250Mar.15 Sales300 units @ $40July30 Purchase450 units @ $20= 9,000Oct. 5 Sales430 units @ $40100 units @ $252,500$18,750Oct.26 PurchaseTotals1,100 units880 unitsRequired: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 margin for FIFO method and LIFO method.

Gross margin refers to the amount of profit generated by the firm after reducing cost of goods sold…

Required information [The following information applies to the questions displayed below.] Hemming Co. reported the following current-year purchases and sales for its only product. Units Acquired at Cost 200 units Date Activities Units Sold at Retail Jan. 1 Beginning inventory @ $10 = $ 2,000 Jan. 10 Sales 150 units @ $40 350 units @ $15 5,250 Mar.14 Purchase Mar.15 Sales @ $40 300 units July30 Purchase 450 units @ $20 9,000 Oct. 5 Sales 430 units @ $40 @ $25 2,500 $18,750 Oct.26 Purchase 100 units Totals 1,100 units 880 units Required: 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 margin for FIFO method and LIFO method.

Required information [The following information applies to the questions displayed below.] Hemming Co. reported the following current-year purchases and sales for its only product. Units Acquired at Cost 200 units Date Activities Units Sold at Retail Jan. 1 Beginning inventory @ $10 = $ 2,000 Jan. 10 Sales 150 units @ $40 350 units @ $15 5,250 Mar.14 Purchase Mar.15 Sales @ $40 300 units July30 Purchase 450 units @ $20 9,000 Oct. 5 Sales 430 units @ $40 @ $25 2,500 $18,750 Oct.26 Purchase 100 units Totals 1,100 units 880 units Required: 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 margin for FIFO method and LIFO method.

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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