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Required information Use the following information for the Exercises below [The following information applies to the questions displayed below.] Hemming Co. reported the following current-year purchases and sales for its only product. Date Activities Units Acquired at Cost an. 1 Beginning inventory Jan. 10 Sales Mar. 14 Purchase Mar. 15 Sales July30 Purchase Oct. 5 Sales Oct. 26 Purchase 250 units @$.12.00 $. 3,000 400 units $17.006,800 450 units $22.00 9,900 150 units $27.004,050 Units Sold at Retail 200 units $42.00 360 units $42.00 420 units $42.00 Totals 1,250 units $23,750 980 units Exercise 5-9A Periodic: Inventory costing system LO P3 Required Hemming uses a periodic inventory system. (a) Determine the costs assigned to ending inventory and to cost of goods sold using FIFCO. (b) Determine the costs assigned to ending inventory and to cost of goods sold using LIFO (c) Compute the gross margin for each method. a) Periodic FIFO Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory Cost o ost per | Cost ofin ending # of units | Cost of # of units |cost per Cf Goods unit Goods Sold ending inventory ,l Available for-| # of units | C t Inventory unit sold per un Sale Beginning inventory Purchases March 14 July 30 October 26 Total b) Periodic LIFO Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory Co Goods Sale # of units | Cost | ost of | Available for | # of units | Cost p er | unit Goods Sold n ending er Ending Cost ofin ending per unit Inventory # of units Cost per unit sold inventory tIn Beginning inventory Purchases: March 14 October 26 Total b) Periodic LIFO Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory Goods Sale # of units | Cost ! in ending | per unit Inven Cost of Ending | Available for |#0f units | Cost per Cost of Goods Sold inventory ost perCost of # of units Cost per) unit sold unit Beginning inventory Purchases March 14 July 30 October 26 Total c) Gross Margin FIFO LIFO

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