Hemming uses a perpetual inventory system. Determine the costs assigned to ending inventory and to cost of goods sold using

a. FIFo

b. LIFO

c. Weighted Average

d. Compute the gross margin for each method ( Round amounts to cents)

Hemming Co. reported the following current-year purchases and sales for its only product. Date Activities Units Acquired at Cost Units Sold at Retail 200 units @ $10 = $ 2,000 150 units @ $40 350 units @ $15 = 5,250 300 units @ $40 Jan. 1 Beginning inventory Jan. 10 Sales Mar. 14 Purchase Mar. 15 Sales July 30 Purchase Oct. 5 Sales Oct. 26 Purchase Totals 450 units @ $20 = 9,000 430 units @ $40 2,500 100 units @ $25 = 1,100 units $18,750 880 units Page 246 Required Hemming uses a perpetual inventory system. Determine the costs assigned to ending inventory and to cost of goods sold using (a) FIFO and (b) LIFO. (c) Compute the gross margin for each method. (Round amounts to cents.)