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.

[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

Units Sold at Retail

Jan.

1

Beginning inventory

260

units

@ $12.40

=

$

3,224

Jan.

10

Sales

215

units

@ $42.40

Mar.

14

Purchase

420

units

@ $17.40

=

7,308

Mar.

15

Sales

380

units

@ $42.40

July

30

Purchase

460

units

@ $22.40

=

10,304

Oct.

5

Sales

425

units

@ $42.40

Oct.

26

Purchase

160

units

@ $27.40

=

4,384

Totals

1,300

units

$

25,220

1,020

units

Required information [The following information applies to the questions displayed belowj 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$22.410,304 160 units $27.404,384 Units Sold at Retail 215 units $42.40 380 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 Complete this questions by entering your answers in the below tabs. Required 1Required 2 Required 3 Determine the costs assigned to ending inventory and to cost of goods sold using FIFO Perpetual FIFO: #of units Cost per # of units SO Cost per | unit Cost of Goods Sold | # of units | unit Cost per Inventory Balance Date January 1 26012.403,224.00