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hemming Co. reported the (The following information applies to the...

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Accounting

hemming Co. reported the
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(The following information applies to the questions displayed below) Hemming Co. reported the following current-year purchases and sales for its only product. Units Acquired at Cost 230 units @ $11.20 $ 2,576 Units Sold at Retail 160 units @ $41.20 350 units @ $16.20 5,670 Date Activities Jan. 1 Beginning inventory Jan. 19 Sales Mar. 14 Purchase Mar. 15 Sales July 30 Purchase Oct. 5 Sales Oct. 26 Purchase Totals 320 units @ $41.20 438 units @ $21.20 = 9,116 4ee units @ $41.20 = 130 units @ $26.20 1,140 unith 3,406 $20,768 880 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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