Periodic FIFO Cost Assignment

Required information Use the following information for the Exercises below Pert 3 of 3 The following information applies to the questions displayed below Hemming Co. reported the following current-year purchases and sales for its only product 25 points Units Sold at Retail Units Acquired at Cost Activities Date Beginning Jan. 1 inventory $3,339 265 units@ $12.60 eBook 225 units $42.60 Jan.10 Sales 7,568 Hint 430 units@ $17.60 Mar.14 Purchase 370 units@ $42.60 Mar.15 Sales July 30 Purchase Oct. 5 Sales Print 10,s09 465 units@ $22.60 440 units@ $42.60 References 4,554 165 units@ $27.60 Oct.26 Purchase $25,970 1,035 units 1,325 units Totals Exercise 6-9A Periodic: Inventory costing system LO P3 Next 4 of 8 Help 4 Required information (a) Determine the costs assigned to ending inventory and to cost of goods sold using FIFO (b) Determine the costs assigned to ending inventory and to cost of goods sold using LIFO (c) Compute the gross margin for each method. Part 3 of 3

a) Periodic FIFO Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory 2.5 points 8 of unite Cost per Cost of Goods s of units Cost per #of units Cost of Goods Sold in ending Cost Ending Available for Sale unit sold unit per unit Inventory inventory eBook Beginning inventory 265 $12.60 $ 12.60 3,339 265 3,339 0 Hint Purchases: 430 March 14 $ 17.50 7.525 430 17.50 7,525 0 Print $ 2260 $ 27.60 465 $22.60 10,509 465 10,509 July 30 References $27.60 October 26 165 4,554 165 4,554 S 0 1,325 25,927 1,325 25,927 Total Ending Inventory Cost of Goods Sold b) Periodic LIFO Cost of Goods Available for Sale of units in ending inventory #of uniting Cost per Cost of Goods# of units Cost per Ending Cost Cost of Goods Sold Available for Sale unit per unit Inventory sold unit Mc Graw Hill Education of.