## Inventory Exercise: FIFO and LIFO Methods### Required Information**Scenario:**Hemming Company has reported the following current-year purchases and sales for its only product.**Data:**| Date | Activities | Units Acquired at Cost | Units Sold at Retail ||------------|----------------------|------------------------|----------------------------|| January 1 | Beginning inventory | 230 units @ $11.20 = $2,576 | 160 units @ $41.20 || January 10 | Sales | | 160 units @ $41.20 || March 14 | Purchase | 350 units @ $16.20 = $5,670 | || March 15 | Sales | | 320 units @ $41.20 || July 30 | Purchase | 430 units @ $21.20 = $9,116 | || October 5 | Sales | | 400 units @ $41.20 || October 26 | Purchase | 130 units @ $26.20 = $3,406 | || **Totals** | | **1,140 units** at **$20,768** | **880 units** |### Exercise 5-8 (Algo) Perpetual: Inventory Costing Methods—FIFO and LIFO#### Required:Hemming uses a perpetual inventory system.1. Determine the costs assigned to ending inventory and the cost of goods sold (COGS) using **FIFO** (First-In, First-Out).2. Determine the costs assigned to ending inventory and COGS using **LIFO** (Last-In, First-Out).3. Compute the gross profit for FIFO and LIFO methods.Complete this exercise by entering your answers in the provided tabs.---This exercise guides students through the process of calculating inventory costs using the FIFO and LIFO methods with the perpetual inventory system. Learners must analyze the provided data, compute the costs accurately, and determine the impact of these methods on financial metrics like gross profit.

Name: ## Inventory Exercise: FIFO and LIFO Methods### Required Information*
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Description: ## Inventory Exercise: FIFO and LIFO Methods### Required Information**Scenario:**Hemming Company has reported the following current-year purchases and sales for its only product.**Data:**| Date | Activities | Units Acquired at Cost |

FIFO Method :— In this method, beginning inventory and old purchases is used first for output or…

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Required information Use the following information for the Exercises 8-10 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 January 1 January 10 March 14 March 15 July 30 October 5 October 26 Activities Beginning inventory Sales. Purchase Sales Purchase Sales Purchase Totals Required: Hemming uses a perpetual inventory system. Required 1 Units Acquired at Cost 230 units 350 units Required 2 430 units Required 3 130 units 1,140 units 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. @ $11.20= $ 2,576 @ $16.20 = 5,670 @ $21.20 = @ $26.20 = Exercise 5-8 (Algo) Perpetual: Inventory costing methods-FIFO and LIFO LO P1 < Prev S 9,116 3,406 $ 20,768 12 13 HH of 14 HH MacBook Pro Units Sold at Retail 160 units 320 units. 400 units 880 units Next > Anterior @ $41.20. @ $41.20 @ $41.20 Check my

Required information Use the following information for the Exercises 8-10 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 January 1 January 10 March 14 March 15 July 30 October 5 October 26 Activities Beginning inventory Sales. Purchase Sales Purchase Sales Purchase Totals Required: Hemming uses a perpetual inventory system. Required 1 Units Acquired at Cost 230 units 350 units Required 2 430 units Required 3 130 units 1,140 units 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. @ $11.20= $ 2,576 @ $16.20 = 5,670 @ $21.20 = @ $26.20 = Exercise 5-8 (Algo) Perpetual: Inventory costing methods-FIFO and LIFO LO P1 < Prev S 9,116 3,406 $ 20,768 12 13 HH of 14 HH MacBook Pro Units Sold at Retail 160 units 320 units. 400 units 880 units Next > Anterior @ $41.20. @ $41.20 @ $41.20 Check my

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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