Required information a) Periodic FIFO Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory # of units #of units Cost per Cost of Goods# of units Cost per unit Cost Ending Inventory Cost of Goods Sold Available for Sale in ending inventory sold unit per unit Beginning inventory Purchases 240 $11.60 2,784 370 $16.60 March 14 6,142 $ 21.60 July 30 440 9,504 140 $26.60 October 26 3,724 0 Total 1,190 22,154 S 0 0 0 b) Periodic LIFO Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory # of unite Cost per Cost of Goods# of units sold # of units in ending inventory Cost per unit Cost of Goods Sold Cost Ending Inventory Available for Sale unit per unit Beginning inventory 240 11.60 2,784 Purchases: 370 16.60 March 14 6,142 440 $21.60 July 30 9,504 $ 26.60 October 26 140 3,724 S Total 1,190 22,154 S 0 $ 0 c) Gross Margin FIFO LIFO ! Required information 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 Activities Units Acquired at Cost 240 units $11.60 Units Sold at Retail Date 1 Beginning inventory = $ 2,784 Jan 180 units $41.60 Jan.10 Sales 370 units $16.60 Mar.14 Purchase 6,142 330 units $41.60 Mar.15 Sales 440 units $21.60 July30 Purchase 9,504 415 units $41.60 Oct. 5 Sales 140 units $26.60 Oct.26 Purchase 3,724 1,190 units $22,154 925 units Totals Exercise 5-9A Periodic: Inventory costing system LO P3 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