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 260 units @ $12.40 = $ 3,224

Jan. 10 Sales 215 units @ $42.40

Mar. 14 Purchase 420 units @ $17.40 = 7,308

Mar. 15 Sales 380 units @ $42.40

July 30 Purchase 460 units @ $22.40 = 10,304

Oct. 5 Sales 425 units @ $42.40

Oct. 26 Purchase 160 units @ $27.40 = 4,384

Totals 1,300 units $ 25,220 1,020 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.

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 260 units @ $12.40 = $ 3,224 215 units @ $42.40 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 420 units @ $17.40 = 7,308 460 units @ $22.40 = 10,384 380 units @ $42.40 425 units @ $42.40 = 160 units @ $27.40 1,300 units 4,384 $25,220 1,020 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 information Required 1 Required 2 Required 3 Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. Perpetual FIFO: Goods Purchased # of Cost per units unit Cost of Goods Sold # of units Cost per Cost of Goods sold unit Sold Date Inventory Balance # of units Cost per Inventory unit Balance 260 @ $ 12.40 = $ 3,224.00 January 1 January 10 DD D March 14 March 15 July 30 October 5 October 26 Totals $ 0.00 Required information Required 1 Required 2 Required 3 Determine the costs assigned to ending inventory and to cost of goods sold using LIFO. Perpetual LIFO: Goods Purchased # of Cost per units unit Cost of Goods Sold # of units Cost per Cost of Goods sold unit Sold Date Inventory Balance # of units Cost per Inventory unit Balance 260 @ $ 12.40 = $ 3,224.00 January 1 January 10 March 14 March 15 July 30 October 5 October 26 Totals $ 0.00 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 Compute the gross margin for FIFO method and LIFO method. FIFO: LIFO: Sales revenue Less: Cost of goods sold Gross margin