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[The following information applies to the questions displayed below.] Hemming Co. reported the following current-year purchases and sales for its only product.

Date

Activities

Units Acquired at Cost

Units Sold at Retail

Jan.

1

Beginning inventory

265

units

@ $12.60

=

$

3,339

Jan.

10

Sales

225

units

@ $42.60

Mar.

14

Purchase

430

units

@ $17.60

=

7,568

Mar.

15

Sales

370

units

@ $42.60

July

30

Purchase

465

units

@ $22.60

=

10,509

Oct.

5

Sales

440

units

@ $42.60

Oct.

26

Purchase

165

units

@ $27.60

=

4,554

Totals

1,325

units

$

25,970

1,035

units

Required: Hemming uses a perpetual inventory system. 1. Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. 2. Determine the costs assigned to ending inventory and to cost of goods sold using LIFO. 3. Compute the gross margin for FIFO method and LIFO method.

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