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Seved Saved 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 Units Acquired at Cost 235 units @ $11.40 = $ 2,679 Units Sold at Retail 170 units @ $41.40 Date Activities Jan. 1 Beginning inventory Jan. 10 Sales Mar. 14 Purchase Mar.15 Sales July 30 Purchase Oct. 5 Sales Oct.26 Purchase Totals 360 units @ $16.40 5,904 290 units @ $41.40 435 units @ $21.40 9,309 410 units $41.40 135 units $26.40 1,165 units 3,564 $21,456 870 units equired: emming uses a periodic inventory system. Determine the costs assigned to ending inventory and to cost of goods sold using Fils ) Determine the costs assigned to ending inventory and to cost of goods sold using LIFO. 5) Compute the gross margin for each method. a) Periodic FIFO # of units Cost per Cost of Goods Available for Sale Cost of Goods Sold Cost of Goods # of units Cost per Available for Cost of unit sold unit Salo Goods Sold 235 $ 11.40 $ 2,679 235 $ 11.40 2,679 Ending Inventory of units Cost ER In ending Inve Inventory 0 per unit Beginning inventory Purchases: March 14 July 30 October 26 360 435 135 0 $ $ $ 16.40 21.40 26.40 5,904 9,309 3,564 360 $ 16.40 275 $ 21.40 0 5,904 5,885 160 $21.40 135 $26.40 6 Saved Required Information (c) Compute the gross margin for each method. a) Periodic FIFO Cost of Goods Available for Sale Cost of Goods Sold Cost of Goods # of units Cost per Available for of units Cost per Cost of unit Sale unit Goods Sold 235 s 11.40 $ 2,679 235 $11.40 2,679 sold Ending Inventory # of units Cost In ending Ending inventory per unit Inventory 0 Beginning inventory Purchases: March 14 July 30 October 26 Total 360 435 5,904 0 $ 16.40 $ 21.40 $26.40 360 $ 16.40 275 $ 21.40 5,904 9,309 3,564 21,456 5,885 135 160 $21.40 135 $26.40 295 1.165 0 870 3,424 3,564 6,988 $ 14,468 $ b) Periodic LIFO Cost of Goods Sold Ending Inventory Cost of Goods Available for Sale Cost of Goods #of units Cost per Available for unit Sale 235 $ 11.40 $ 2,679 of units Cost per sold unit Cost of Goods Sold # of units Cost In ending Ending Inventory per unit Inventory 65 $11.40 $ 741 170 $ 11.40 $ 1,938 Beginning Inventory Purchases: March 14 July 30 October 26 360 $ 16.40 435 $ 21.40 135 $ 20.40 1,165 5,904 9,309 3,564 21,456 290 $ 16.40 4101 $ 21.40 0 4,756 8,774 701 $16.40 25 $21.40 135 $26.40 295 1.148 535 3,564 5,988 Total $ 870 $ 15,468 $ c) Gross Margin Sales Cost of goods sold Gross margin FIFO LIFO $36,018 $ 36,018 14,468 15.458 $21,550 $ 20,550