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

Units Acquired at Cost

Units Sold at Retail

Jan.

1

Beginning inventory

210

units

@ $10.40

=

$

2,184

Jan.

10

Sales

170

units

@ $40.40

Mar.

14

Purchase

310

units

@ $15.40

=

4,774

Mar.

15

Sales

270

units

@ $40.40

July

30

Purchase

410

units

@ $20.40

=

8,364

Oct.

5

Sales

380

units

@ $40.40

Oct.

26

Purchase

110

units

@ $25.40

=

2,794

Totals

1,040

units

$

18,116

820

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.

Required informaion to wats awtred t cor giing itorye its a. 22nits .. Pvestas 10 nits Henaton opdi netery tm Compute the gros mainfor ach metha Oeet of Gecce Avaisbie for isi ) Partodio FIFO Ceet of Coone in ing invantory sof un s va ending rton bogirg Octor 20 Penodio LIRO Ending invantory Cost of Geees Avaliabie for i Coct of Goode ise Cast of del of uni r cet Ct ngC ang Reanning nvet