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Hemming Co. reported the following current-year purchases and sales data for its only product. Date Activities Units Acquired at Cost Units sold at Retail Jan.
Hemming Co. reported the following current-year purchases and sales data for its only product. |
Date | Activities | Units Acquired at Cost | Units sold at Retail | ||||||
Jan. 1 | Beginning Inventory | 209 units | @ $ 9 = | $ | 1,881 | ||||
Jan. 10 | Sales | 131 units | @ $ 40 | ||||||
Mar. 14 | Purchase | 345 units | @ $ 14 = | 4,830 | |||||
Mar. 15 | Sales | 282 units | @ $ 40 | ||||||
July 30 | Purchase | 444 units | @ $ 19 = | 8,436 | |||||
Oct. 5 | Sales | 417 units | @ $ 40 | ||||||
Oct. 26 | Purchase | 96 units | @ $ 24 = | 2,304 | |||||
Totals | 1,094 units | $ | 17,451 | 830 units | |||||
Hemming uses a periodic inventory system. (Omit the "$" sign in your response.) |
Requirement 1: |
Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. |
Ending Inventory | Cost of Goods Sold | |
FIFO | $ | $ |
Requirement 2: |
Determine the costs assigned to ending inventory and to cost of goods sold using LIFO. |
Ending Inventory | Cost of Goods Sold | |
LIFO | $ | $ |
Requirement 3: |
Compute the gross margin for FIFO and LIFO method. |
FIFO Gross Margin | $ |
LIFO Gross Margin | $ |
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