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Goods Purchased # of Cost per units unit Cost of Goods Sold #...

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Accounting

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Goods Purchased # of Cost per units unit Cost of Goods Sold # of units Cost of Goods sold unit Sold Cost per Date Inventory Balance Cost per Inventory # of units unit Balance 295 @ $ 13.80 = $ 4,071.00 January 1 January 10 March 14 March 15 July 30 October 5 October 26 Totals $ 0.00 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 295 units @ $13.80 = $ 4,071 240 units @ $43.80 480 units @ $18.80 = 9,024 Date Activities Jan. 1 Beginning inventory Jan.10 Sales Mar.14 Purchase Mar.15 Sales July30 Purchase Oct. 5 Sales Oct.26 Purchase Totals 420 units @ $43.80 495 units @ $23.80 11,781 465 units @ $43.80 195 units @ $28.80 1,465 units 5,616 $30, 492 1,125 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

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