FIFO and LIFO AND GROSS MARGIN OF EACH ONE.

5 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 Activities Aquired Cont its 14 AT Jan. 1 epissing Inventory 210 units 510.40 - $ 2,154 Jan. 10 sale 170 units . $40.40 Mar.18 Purchase 310 units $15.40 - Mar. 15 sales 270 units $40.40 July 30 presse 410 units $20.40 - oct. Sales 300 units $40.40 Oct. 26 Purchase To wts $25.40 - Totale 1.040 units 511,116 120 unita 10 Sans Required: Hemming uses a periodic inventory system (e) Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. D) Determine the costs assigned to ending inventory and to cost of goods sold using LIFO. (c) Compute the gross margin for each method. a) Periodic FIFO Coat of Goods Available for Sale Cost of Goods of units Cost per unit Available for Sale Cost of Goods Sold of units Cost per Cost of sold unit Goods Sold Ending Inventory of units Cost In ending Ending Inventory per unit Inventory Beginning inventory Purchases March 14 July 30 October 26 D) Periodic UFO Cost of Goods Sold Cost of Goods Available for Sale Cost of Goods of units unit Available for Sale Cost per of units Cost per sold unit Cost of Goods Sold Ending Inventory of units Cost Ending In ending per unit Inventory Inventory GD