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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. Units

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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. Units Sold at Retail Units Acquired at Cost 220 units @ $10.89 = $ 2,376 190 units @ $40.80 330 units @ $15.80 5,214 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 280 units @ $40.80 420 units @ $20.80 8,736 390 units @ $40.80 120 units @ $25.80 1,090 units 3,096 $19,422 860 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. Complete this questions by entering your answers in the below tabs. Required 1 Required 2 Required 3 Required information RON units Cost per unit #OT Units sold Cost per unit COSE OT GOODS Sold of units Los per unit January 1 inventory Balance $ 2,376.00 220 $10.80 January 10 March 14 March 15 July 30 October 5 October 26 Required information Perpetual LIFO Date Goods Purchased # of units unit Cost per Cost of Goods Sold # of units Cost per Cost of Goods sold Sold unit Inventory Balance Cost per Inventory # of units unit Balance 220 @ $ 1080 = $ 2,376.00 January 1 January 10 March 14 March 15 July 30 October 5 October 26 Required information 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. Complete this questions by entering your answers in the below tabs. Required 1 Required 2 Required 3 Compute the gross margin for FIFO method and LIFO method. FIFO: LIFO: Sales revenue Less: Cost of goods sold Gross margin

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