Exercise 6-7 Perpetual: Inventory costing methods-FIFO and LIFO P1 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. Beginning inventory 200 units @ $10 - $ 2.000 Jan. 10 Sales 150 units @ 540 Mar. 14 Purchase 350 units @ $15 = 5.250 Mar. 15 Sales 300 units @ 540 Purchase 450 units @ $20 = 9,000 Oct. 5 Sales 430 units @ $40 Oct 26 Purchase 100 units @ $25 - 2.500 Totals 1,100 units $18,750 880 units July 30 Check Ending inventory LIFO, $4,150 Required Hemming uses a perpetual inventory system. Determine the costs assigned to ending inventory and to cost of goods sold using (a) FIFO and (b) LIFO. Compute the gross margin for each method. (Round amounts to cents.) Exercise 6-10 Lower of cost or market P2 Martinez Company's ending inventory includes the following items. Compute the lower of cost or market for ending inventory applied separately to each product. Per Unit Product Units Cost Market Helmets 24 $50 $54 Bats 17 78 72 Shoes 38 95 91 Uniforms 42 36 36 Check LCM - $2394