Hemming Co. reported the following current-year purchases and sales for its only product. Required Hemming uses a

Question:

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

Required
Hemming uses a perpetual inventory system. Determine the costs assigned to ending inventory and to cost of goods sold using
(a) FIFO
(b) LIFO. Compute the gross margin for each method. (Round amounts to dollars andcents.)

Ending Inventory
The ending inventory is the amount of inventory that a business is required to present on its balance sheet. It can be calculated using the ending inventory formula Ending Inventory Formula =...