Saved Required information The following information applies to the questions displayed below Hemming Co. reported...
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Saved 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 Date Jan. 1 Beginning inventory Jan. 10 Sales Mar.14 Purchase Mar.15 Sales July 30 Purchase Oct. 5 Sales Oct. 26 Purchase Activities Units Acquired at Cost 260 units $12.40 3,224 420 units $17.407,308 460 units$22.4010,304 160 units @ $27.40 = 4,384 Units Sold at Retail 215 units$42.48 380 units $42.40 425 units $42.40 Totals 1,300 units $25,220 1,020 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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