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 205 units @ $10.20 = $ 2,091 160 units @ $40.20 300 units @ $15.20 = 4,560 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 250 units @ $40.20 400 units @ $20.20 = 8,080 375 units @ $40.20 105 units @ $25.20 = 2,646 1,010 units $17,377 785 units Required: Hemming uses a periodic inventory system. (a) Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. Determine the costs assigned to ending inventory and to cost of goods sold LIFO. (c) Compute the gross margin for each method. Complete this question by entering your answers in the tabs below. Required A Required B Required C Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. a) Periodic FIFO Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory # of units Cost per # of units Cost per unit Cost of Goods Available for Sale # of units Cost per sold unit Cost of Goods Sold inventory in ending unit Ending Inventory Beginning inventory Purchases: March 14 July 30 October 26 Total 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 Acquired at Cost 205 units @ $10.20 = $ 2,091 Units Sold at Retail Jan. 160 units @ $40.20 300 units @ $15.20 = 4,560 Date Activities 1 Beginning inventory Jan. 10 Sales Mar. 14 Purchase Mar. 15 Sales July 30 Purchase Oct. 5 Sales Oct. 26 Purchase Totals 250 units @ $40.20 400 units @ $20.20 = 8,080 375 units @ $40.20 105 units @ $25.20 = 1,010 units 2,646 $17,377 785 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. Complete this question by entering your answers in the tabs below. Required A Required B Required Determine the costs assigned to ending inventory and to cost of goods sold using LIFO. b) Periodic LIFO Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory # of units Cost per unit Cost of Goods Available for Sale # of units Cost per sold unit Cost of Goods Sold # of units in ending inventory Cost Ending per unit Inventory Beginning inventory Purchases: March 14 July 30 October 26 Total 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 205 units @ $10.20 = $ 2,091 160 units @ $40.20 300 units @ $15.20 = 4,560 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 250 units @ $40.20 400 units @ $20.20 = 8,080 375 units @ $40.20 2,646 105 units @ $25.20 = 1,010 units $17,377 785 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. Complete this question by entering your answers in the tabs below. Required A Required B Required C Compute the gross margin for each method. c) Gross Margin FIFO LIFO
