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Required information Use the following information for the Exercises below. [The following information applies to the questioExercise 6-7 Perpetual: Inventory costing methods-FIFO and LIFO LO P1 Required: Hemming uses a perpetual inventory system. 1.Perpetual FIFO: Goods Purchased # of Cost per units unit Cost of Goods Sold Cost per Cost of Goods unit Sold # of units sold

October 26 Totals

Perpetual LIFO: Goods Purchased # of Cost per units unit Cost of Goods Sold # of units Cost per Cost of Goods sold unit Sold

October 26 Totals

Compute the gross margin for FIFO method and LIFO method. FIFO: LIFO: Sales revenue Less: Cost of goods sold Gross margin

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Requirement: A Perpetual FIFO Goods Purchsed Cost of Goods sold units Unit Cost Total Cost units Unit Cost Total Cost Date Ja

Requirement: B Date Jan-01 Beginning inventory Jan-10 Sales Mar-14 Purchase Mar-15 Sales Jul-30 Purchase Perpetual LIFO Goods

Requirement: C Gross margin Sales revenue Less: Cost of goods sold Gross margin FIFO LIFO 40546 40546 16746 17496 2380023050

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