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Hemming Co. reported the following current-year purchases and sales for its only product.

Hemming Co. reported the following current-year purchases and sales for its only product.

    

DateActivitiesUnits Acquired at CostUnits Sold at Retail

Jan.1
Beginning inventory
300units@ $14.00=$4,200





Jan.10
Sales







250units@ $44.00

Mar.14
Purchase
520units@ $19.00=
9,880





Mar.15
Sales







460units@ $44.00

July30
Purchase
500units@ $24.00=
12,000





Oct.5
Sales







480units@ $44.00

Oct.26
Purchase
200units@ $29.00=
5,800








Totals
1,520units

$31,880
1,190units


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.

Required1Required 2 Required 3 Determine the costs assigned to ending inventory and to cost of goods sold using FIFO PerpetuaRequired information Required 1Required 2Required3 Determine the costs assigned to ending inventory and to cost of goods soldComplete this questions by entering your answers in the below tabs. Required 1Required 2Required 3 Compute the gross margin fRequired: Hemming uses a perpetual inventory system. Assume that ending inventory is made up of 50 units from the March 14 pu


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