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can you show me how to do this so i will know how to so this in the future Hemming Co. reported the following current-year
can you show me how to do this so i will know how to so this in the future
Hemming Co. reported the following current-year purchases and sales for its only product. Units Sold at Retail Activities Date Units Acquired at Cost 200 units @ $10 = $ 2,000 Jan. 1 150 units a $40 Jan 10 350 units @ $15 = 5,250 300 units @ $40 Mar. 14 Mar 15 July 30 Oct 5 Oct 26 Beginning inventory. Sales Purchase Sales.. Purchase Sales... Purchase Totals 450 units @ $20 = 9,000 430 units @ $40 100 units @ $25 = 2,500 1.100 units $18,750 880 units Chapter 6 Inventories and Cost of Sales Required Hemming uses a perpetual inventory system. Determine the costs assigned to ending inventory and to cosm of goods sold using (a) FIFO and (b) LIFO. (c) Compute the gross margin for each method. (Round amounts to cents.) Step by Step Solution
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