The following information applies to the questions displayed below.
Hemming Company reported the following currentyear purchases and sales for its only product.
Date Activities Units Acquired at Cost Units Sold at Retail
January Beginning inventory units @ $ $
January Sales units @ $
March Purchase units @ $
March Sales units @ $
July Purchase units @ $
October Sales units @ $
October Purchase units @ $
Totals units $ units
Required:
Hemming uses a perpetual inventory system.
Determine the costs assigned to ending inventory and to cost of goods sold using FIFO.
Determine the costs assigned to ending inventory and to cost of goods sold using LIFO.
Compute the gross profit for FIFO method and LIFO method.
