Date Required information The following information applies to the questions displayed below.) Hemming Co, reported...
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Date 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. Activities Units Acquired at Cost Units sold at Retail Jan. 1 Beginning inventory 265 units @ $12.60 - $ 3,339 Jan. 10 Sales 225 units & $42.60 Mar. 14 Purchase 430 units $17.60 - 7,568 Mar. 15 Sales 370 units $42.60 July 30 Purchase 465 units @ $22.60 - 10,509 440 units e $42.60 165 units @ $27.60 4,554 1,325 units $25,970 1,035 units Oct. 5 Sales Oct. 26 Purchase Totals 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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