Exercise 6-7 Perpetual: Inventory costing methods-FIFO and LIFO LO P1
[The following information applies to the questions displayed below.]
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.
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