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

300

units

@ $14.00

=

$

4,200

Jan.

10

Sales

250

units

@ $44.00

Mar.

14

Purchase

520

units

@ $19.00

=

9,880

Mar.

15

Sales

460

units

@ $44.00

July

30

Purchase

500

units

@ $24.00

=

12,000

Oct.

5

Sales

480

units

@ $44.00

Oct.

26

Purchase

200

units

@ $29.00

=

5,800

Totals

1,520

units

$

31,880

1,190

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.

2 Required information [The following information applles to the questions displayed belowj Hemming Co. reported the following current-year purchases and sales for its only product. 10 points Date Jan. 1 Beginning inventory Tan.10 Sales Mar. 14 Purchase Mar. 15 Sales July30 Purchase Oct. 5 Sales Oct.26 Purchase Activities Units Sold at Retail 250 units 44.00 460 units $44.00 480 units $44.00 Units Acquired at Cost 300 unite $14.00- $4,200 520 units $19.00 9,880 500 units $24.0012,000 200 units $29.00 5,800 eBook Print Totals 1,520 units $31,880 1,190 units References 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