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2. Determine the cost assigned to ending inventory and to cost of goods sold...

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Accounting

2. Determine the cost assigned to ending inventory and to cost of goods sold using LIFO.
3. compute the gross margin for FIFO method & LIFO method.
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Required information The following information applies to the questions displayed below. Hemming Co. reported the following current-year purchases and sales for its only product. DateActivities Units Acquired at CostUnits Sold at Retail dan. 1 Beginning inventory Jan.10 Sales Mar.14 Purchase Mar.15 Sales July30 Purchase oct. 5 Sales Oct.26 Purchase 210 units $10.40 2,184 310 units $15. 410 units $20.408,364 110 units $25.402,794 170 units $40.40 270 units $40.40 380 units $40.40 404, 774 Totals 1,040 units $18,116 820 units 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

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