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Hemming Company reported the following current - year purchases and sales for its only product. table [ [ Date , Activities,Units,Acquired at , Cost,,Units
Hemming Company reported the following currentyear purchases and sales for its only product. tableDateActivities,Units,Acquired atCost,,Units Sold atRetailJanuary Beginning inventory, units,@ $$January Sales,,,,, units,@ $March Purchase, units,@ $March Sales,,,,, units,@ $tableJuly October tablePurchaseSales units,@$ units,@ $October Purchase, units,@ $Totals, units,,,$ units, Exercise A Static Periodic: Inventory costing LO P Hemming uses a periodic inventory system. a Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. b Determine the costs assigned to ending inventory and to cost of goods sold using LIFO. c Compute the gross profit for each method.
Hemming Company reported the following currentyear purchases and sales for its only product.
tableDateActivities,Units,Acquired atCost,,Units Sold atRetailJanuary Beginning inventory, units,@ $$January Sales,,,,, units,@ $March Purchase, units,@ $March Sales,,,,, units,@ $tableJuly October tablePurchaseSales units,@$ units,@ $October Purchase, units,@ $Totals, units,,,$ units,
Exercise A Static Periodic: Inventory costing LO P
Hemming uses a periodic inventory system.
a Determine the costs assigned to ending inventory and to cost of goods sold using FIFO.
b Determine the costs assigned to ending inventory and to cost of goods sold using LIFO.
c Compute the gross profit for each method.
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