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. Date Activities Jan. 1 Beginning inventory Jan. 10 Sales Mar. 14 Purchase Units Acquired at Cost 235 units $11.40 $ 2,679 360 units $16.40 5,904 Units Sold at Retail 170 units $41.40 Mar. 15 Sales July 30 Purchase Oct. 5 Sales 435 units $21.40 - 9,309 290 units $41.40 410 units $41.40 Oct.26 Purchase Totals 135 units @ $26.40 - 3,564 1,165 units $21,456 870 units 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 unit Cost of Goods Available for Sale #of units Cost per Cost of Goods Sold Cost of Goods Available for Sale # of units # of units sold Cost per unit Cost of Goods Sold Ending Inventory In ending Inventory Cost Ending per unit Inventory Beginning inventory Purchases: March 14 July 30 October 26 Total b) Periodic LIFO Beginning inventory Purchases: March 14 July 30 October 26 0 $ Cost of Goods Available for Sale 0 Cost of Goods Sold $ 0 Ending Inventory Ending Cost per unit Inventory Cost per # of units Cost of Goods Available for unit of units Cost per Bold unit Cost of Goods Sold Sale # of units in ending Inventory Pray Sin Next >