The following information applies to the questions displayed below.] Hemming Company reported the following current-year purchases and sales for its only product. Date Activities Units Acquired at Cost Units Sold at Retail January 1 Beginning inventory 290 units @ $13.60 = $ 3,944 January 10 Sales 260 units @ $43.60 March 14 Purchase 500 units @ $18.60 = 9,300 March 15 Sales 430 units @ $43.60 July 30 Purchase 490 units @ $23.60 = 11,564 October 5 Sales 470 units @ $43.60 October 26 Purchase 190 units @ $28.60 = 5,434 Totals 1,470 units $ 30,242 1,160 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 profit for FIFO method and LIFO method.

Ending inventory consists of 40 units from the March 14 purchase, 80 units from the July 30 purchase, and all 190 units from the October 26 purchase. Using the specific identification method, calculate the following.

a) Cost of Goods Sold using Specific Identification
Date	Available for Sale			Cost of Goods Sold			Ending Inventory
	Activity	# of units	Cost Per Unit	# of units sold	Cost Per Unit	COGS	Ending Inventory Units	Cost Per Unit	Ending Inventory Cost
January 1	Beginning Inventory	290			$0.00	$0		$0.00	$0
March 14	Purchase	500			$0.00	0		$0.00	0
July 30	Purchase	490			$0.00	0		$0.00	0
October 26	Purchase	190			$0.00	0		$0.00	0
		1,470		0		$0	0		$0
b) Gross Margin using Specific Identification
Less:
Equals: