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[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
[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 | 290 | units | @ $13.60 | = | $ | 3,944 | |||||||||||||||||||||||||
Jan. | 10 | Sales | 260 | units | @ $43.60 | ||||||||||||||||||||||||||||
Mar. | 14 | Purchase | 500 | units | @ $18.60 | = | 9,300 | ||||||||||||||||||||||||||
Mar. | 15 | Sales | 430 | units | @ $43.60 | ||||||||||||||||||||||||||||
July | 30 | Purchase | 490 | units | @ $23.60 | = | 11,564 | ||||||||||||||||||||||||||
Oct. | 5 | Sales | 470 | units | @ $43.60 | ||||||||||||||||||||||||||||
Oct. | 26 | Purchase | 190 | units | @ $28.60 | = | 5,434 | ||||||||||||||||||||||||||
Totals | 1,470 | units | $ | 30,242 | 1,160 | units | |||||||||||||||||||||||||||
Compute the gross margin for FIFO method and LIFO method.
Required 2
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