FIFO AND LIFO

4 Part 2 Required information The following information applies to the questions displayed below) Hemming Co. reported the following current-year purchases and sales for its only prod Date Activities Units Aequired at cost Units sold at Retail Jan. 1 Beginning inventory 210 units $10.40 - $ 2.184 Jan. 10 Sales 170 units $40.40 Mar. 14 Purchase 310 units $15.40 - 4,774 Mar.15 Sales 270 units $40.40 July30 Purchase 410 units $20.40 - 8,364 Oct. 5 Sales 380 units . $40.46 Det. 26 Purebase 110 units $25.40 - 2,794 Totals 1,040 units $18, 116 820 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: Required 2 Required 3 Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. Perpetual FIFO Goods Purchased Cost of Goods Sold Inventory.Balance Date #of Cost per of units Cost per Cost of Goods Cost per Inventory units unit sold unit of units Sold