Information: Hemming Co. reported the following current-year purchases and sales for its only pro Date Activities Units Sold at Retail Units Acquired at Cost 200 units @ $10 = $ 2,000 150 units @ $40 350 units @ $15 = 5,250 Jan. 1 Jan. 10 Mar. 14 Mar. 15 July 30 Oct. 5 Oct. 26 Beginning inventory......... Sales. Purchase Sales .. Purchase Sales Purchase Totals 300 units @ $40 450 units @ $20 9,000 430 units @ $40 100 units @ $25 1,100 units 2.500 $18.750 880 units Required Hemming uses a perpetual inventory system. Determine the costs assigned to ending inventory and to co of goods sold using (a) FIFO and (b) LIFO. Compute the gross margin for each method. (Round amount to dollars and cents.) nformation: Warnerwoods Company uses a perpetual inventory system. It entered into the follow urchases and sales transactions for March. (For specific identification, the March 9 sale consistec units from beginning inventory and 340 units from the March 5 purchase; the March 29 sale consis f 40 units from the March 18 purchase and 120 units from the March 25 purchase.) Date Activities Units Sold at Retail Units Acquired at Cost 100 units @ $50.00 per unit 400 units @ $55.00 per unit Mar.1 Mar. 5 Mar. 9 Mar. 18 Mar 25 Mar. 29 420 units @ $85.00 per unit Beginning inventory.. Purchase Sales Purchase Purchase. Sales Totals 120 units @ $60.00 per unit 200 units @ $62.00 per unit 160 units @ $95.00 per unit 580 units 820 units Required 1. Compute cost of goods available for sale and the number of units available for sale. 2. Compute the number of units in ending inventory. 3. Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, (C) weighted average, and (d) specific identification. (Round all amounts to dollars and cents.) 4. Compute gross profit earned by the company for each of the four costing methods in part 3