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hemming uses a perpetual inventory system. Assume that ending inventory is made up of 45 units from the March14 purchase, 75 units from the July 30 purchase, and all 100 units from the October 26 purchase. Using the the specific identification method calculate the following

Use the following information for the Exercises below. [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 Jan. 1 Beginning inventory Jan. 10 Sales Mar. 14 Purchase Mar.15 Sales July 30 Purchase Oct. 5 Sales Oct.26 Purchase Totals Units Acquired at Cost Units Sold at Retail 200 units @ $10 = $ 2,000 150 units @ $40 350 units @ $15 = 5, 250 300 units @ $40 450 units @ $20 = 9,000 430 units a $40 100 units @ $25 = 2,500 1,100 units $18,750 88 units a) Cost of Goods Sold using Specific Identification Available for Sale Date Activity Units Unit Cost 200 $ 10.00 Beginning Inventory Purchase Cost of Goods Sold Ending Inventory Ending Ending Units Sold Unit Cost COGS Inventory Unit Cost Inventory Units Cost 200 $ 10.00 $ 2.000 $ 10.00 S 0 350 $ 15.00 5.250 $ 15.00 0 450 $ 20.00 9,000 $ 20.00 0 100 $ 25.00 2.500 $ 25,00 0 1.100 $ 18.750 0 $ 0 350 Jan 1 Mar. 14 July 30 Oct 26 $ 15.00 450 Purchase Purchase $ 20.00 $ 25.00 100 1,100 b) Gross Margin using Specific Identification N Less Equals: Required: 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 margin for each method. a) Periodic FIFO Cost of Goods Available for Sale Cost of Goods Sold Cost of Goods Cost # of units # of units Cost per Cost of Available for sold unit Sale Goods Sold Ending Inventory # of units Cost Ending in ending inventory per unit Inventory per unit Beginning inventory Purchases: March 14 July 30 October 28 Total S 0 S 0 S b) Periodic LIFO Cost of Goods Sold Cost of Goods Available for Sale Cost of Goods Cost # of units Available for Sale # of units Cost per sold unit Cost of Goods Sold Ending Inventory # of units in ending Cost Ending inventory per unit Inventory per unit Beginning inventory Purchases March 14 July 30 October 26 Total 0 S $ 0 S c) Gross Margin FIFO LIFO