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Hemming Co. reported the following current-year purchases and sales for its only product. Date Activities Units...

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Accounting

Hemming Co. reported the following current-year purchases andsales for its only product. Date Activities Units Acquired at CostUnits Sold at Retail Jan. 1 Beginning inventory 260 units @ $12.40= $ 3,224 Jan. 10 Sales 215 units @ $42.40 Mar. 14 Purchase 420units @ $17.40 = 7,308 Mar. 15 Sales 380 units @ $42.40 July 30Purchase 460 units @ $22.40 = 10,304 Oct. 5 Sales 425 units @$42.40 Oct. 26 Purchase 160 units @ $27.40 = 4,384 Totals 1,300units $ 25,220 1,020 units Required: Hemming uses a perpetualinventory system.

1. Determine the costs assigned to ending inventory and to costof goods sold using FIFO.

2. Determine the costs assigned to ending inventory and to costof goods sold using LIFO.

3. Compute the gross margin for FIFO method and LIFO method.

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