# FARE Lecture Review 13.pdf - 29 Award 10.00 points Required...

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29. Award: 10.00 points Problems? Adjust credit for all students. Required information 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. 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 FIFO. Required 1 Required 2 Required 3 \$ \$ \$ \$ \$ Perpetual FIFO: Goods Purchased Cost of Goods Sold Inventory Balance Date # of units Cost per unit # of units sold Cost per unit Cost of Goods Sold # of units Cost per unit Inventory Balance January 1 200 10.00 January 10 150 10.00 50 March 14 350 15.00 50 350 March 15 50 250 100 July 30 450 20.00 100 450 October 5 100 330 120 October 26 100 25.00 120 100 Totals @ = \$2,000.00 @ = \$ 1,500.00 @ \$ 10.00 = \$ 500.00 @ @ \$ 10.00 = \$ 500.00 @ \$ 15.00 = 5,250.00 \$5,750.00 @ \$ 10.00 = \$ 500.00 @ \$ 10.00 = @ \$ 15.00 = 3,750.00 @ \$ 15.00 = \$1,500.00 \$ 4,250.00 \$1,500.00 @ @ \$ 10.00 @ \$ 15.00 = 1,500.00 @ \$ 20.00 = 9,000.00 \$ 10,500.00 @ \$ 10.00 = \$ 0.00 @ \$ 10.00 @ \$ 15.00 = 1,500.00 @ \$ 15.00 @ \$ 20.00 = 6,600.00 @ \$ 20.00 = 2,400.00 \$ 8,100.00 \$2,400.00 @ @ \$ 10.00 @ \$ 15.00 @ \$ 20.00 = 2,400.00 @ \$ 25.00 2,500.00 \$ 13,850.00 \$4,900.00 F F F F F F F F F F F F F F F F F F F F F F F F F F F F F F F F F F F F F F F F F F F F F F F F F F F F F F F F F F F F F F F F F F F F F F F F F F F F F F F F F F F F F F F F F F F F F F F F F F F Explanation: