# chapter 5-3 p2.pdf - Assignment Print View 1 of 3...

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Assignment Print View...1 of 37/8/2019, 12:19 AM
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 question by entering your answers in the tabs below.Determine the costs assigned to ending inventory and to cost of goods sold using LIFO.Required 1Required 2Required 3Perpetual LIFO:Goods PurchasedCost of Goods SoldInventory BalanceDate# of unitsCost per unit# of units soldCost per unitCost of Goods Sold# of unitsCost per unitInventory BalanceJanuary 1200@\$10.00=\$ 2,000.00January 10150@\$10.00=\$ 1,500.0050@\$10.00=\$500.00March 14350@\$15.0050@\$10.00=\$500.00350@\$15.00=5,250.00\$ 5,750.00March 150@\$10.00=\$0.0050@\$10.00=\$500.00300@\$15.00=4,500.0050@\$15.00=\$750.00\$ 4,500.00\$ 1,250.00July 30450@\$20.0050@\$10.00=\$500.0050@\$15.00=750.00450@\$20.00=9,000.00\$10,250.00October 50@\$10.00=\$0.0050@\$10.00=\$500.000@\$15.00=0.0050@\$15.00=750.00430@\$20.00=8,600.0020@\$20.00=400.00\$ 8,600.00\$ 1,650.00October 26100@\$25.0050@\$10.00=\$500.0050@\$15.00=750.00\$Hint #1ReferencesExpanded table