FARE Lecture Review 14.pdf - 29 Award 10.00 points Required...

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29.Award: 10.00 pointsProblems? Adjust credit for all students.Required informationRequired: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.Complete this questions by entering your answers in the below tabs.Determine the costs assigned to ending inventory and to cost of goods sold using LIFO.Required 1Required 2Required 3$$$$$Perpetual LIFO:Goods PurchasedCost of Goods SoldInventory BalanceDate# ofunitsCost perunit# of unitssoldCost perunitCost of GoodsSold# of unitsCost perunitInventoryBalanceJanuary 120010.00January 1015010.0050March 1435015.0050350March 155030050July 3045020.005050450October 5505043020October 2610025.00505020100Totals@=$2,000.00@=$ 1,500.00@$ 10.00=$500.00@@$ 10.00=$500.00@$ 15.00=5,250.00$5,750.00@$ 10.00=$0.00@$ 10.00=$500.00@$ 15.00=4,500.00@$ 15.00=$750.00$ 4,500.00$1,250.00@@$ 10.00=$500.00@$ 15.00=750.00@$ 20.00=9,000.00$10,250.00@$ 10.00=$0.00@$ 10.00=$500.00@$ 15.00=0.00@$ 15.00=750.00@$ 20.00=8,600.00@$ 20.00=400.00$ 8,600.00$1,650.00@@$ 10.00=$500.00@$ 15.00=750.00@$ 20.00=400.00@$ 25.002,500.00$14,600.00$4,150.00FFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFExplanation:
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