fifo and lifo

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. Date Activities Units Acquired at Cost Units Sold at Retail Jan. 1 Beginning inventory 210 units @ $10.40 = $ 2,184 Jan. 10 Sales 17e units @ $48.48 Mar. 14 Purchase 310 units @ $15.40 4,774 Mar. 15 Sales 270 units @ $48.48 July 3D Purchase 410 units @ $20.40 8,364 Oct. 5 Sales 380 units @ $40.48 Oct. 26 Purchase 110 units @ $25.40 2,794 Totals 1,040 units $18, 116 820 units quired: mming uses a perpetual inventory system. etermine the costs assigned to ending inventory and to cost of goods sold using FIFO. Petermine the costs assigned to ending inventory and to cost of goods sold using LIFO. ompute the gross margin for FIFO method and LIFO method. the below tabs