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A 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.

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A 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. Units Required at Cost 210 units $10.40 = $ 2, 184 Units Sold at Retail 310 units 170 units @ $40.40 Date Activities Jan. 1 Beginning inventory Jan. 10 Sales Mar. 14 Purchase Mar. 15 Sales July 30 Purchase Det. Sales Oct. 26 Purchase Totals $15.40 - 4,774 270 units 410 units @ $20.40 - $40.40 8,364 380 units $40.40 110 units e$25.40 - 1.040 units 2.794 $18.116 820 units Required: Hemming uses a periodic inventory system (a) Determine the costs assigned to ending inventory and to cost of goods sold using FIFO, (b) Determine the costs assigned to ending inventory and to cost of goods sold using LIFO, (c) Compute the gross margin for each method Complete this question by entering your answers in the tabs below. Required A Required B Required C Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. Required: Hemming uses a periodic inventory system. (a) Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. (b) Determine the costs assigned to ending inventory and to cost of goods sold using LIFO. (c) Compute the gross margin for each method. Complete this question by entering your answers in the tabs below. Required A Required B Required C Determine the costs assigned to ending inventory and to cost of goods sold using LIFO. b) Periodic LIFO Cost of Goods Sold Ending Inventory Cost of Goods Available for Sale Cost of Goods # of units cost per Available for Sale # of units Cost per sold unit GoCost of Cast of Goods Sold # of units in ending Inventory Cost per unit Ending Inventory Beginning inventory Purchase March 14 July 30 October 26 0 ( Required A Required > Required: Hemming uses a periodic inventory system, (a) Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. (b) Determine the costs assigned to ending inventory and to cost of goods sold using LIFO. (c) Compute the gross margin for each method. Complete this question by entering your answers in the tabs below. Required A Required B Required Compute the gross margin for each method. c) Gross Margin FIFO L IFO ( Required

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