Refer to the information in exercise $6-8$ and assume the periodic inventory system is used. Determine the costs assigned to ending inventory and to cost of goods sold using FIFO, LIFO and compute the gross profit for each method. Exercise $6-8$

Perpetual: Inventory

costing methods$-$FIFO

and LIFO

P$1$

Hemming Co$.$ reported the following current year purchases and sales for its only product.

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 profit for each method.

Exercise $6-104$

Periodic: inventory costing

P$3$

Refer to the information in Exercise $6-8$ and assume the periodic inventory system is used. Determine the

costs assigned to ending inventory and to cost of goods sold using $($a$)$ FIFO and $($b$)$ LIFO. $($c$)$ Compute

the gross profit for each method.