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  3. hemming co. reported the following current-year pu

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

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Accounting

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

Date Activities Units Acquired at Cost Units sold at Retail
Jan. 1 Beginning Inventory 209 units @ $ 9 = $ 1,881
Jan. 10 Sales 131 units @ $ 40
Mar. 14 Purchase 345 units @ $ 14 = 4,830
Mar. 15 Sales 282 units @ $ 40
July 30 Purchase 444 units @ $ 19 = 8,436
Oct. 5 Sales 417 units @ $ 40
Oct. 26 Purchase 96 units @ $ 24 = 2,304
Totals 1,094 units $ 17,451 830 units

Hemming uses a periodic inventory system. (Omit the "$" sign in your response.)

Requirement 1:
Determine the costs assigned to ending inventory and to cost of goods sold using FIFO.

Ending Inventory Cost of Goods Sold
FIFO $ $

Requirement 2:
Determine the costs assigned to ending inventory and to cost of goods sold using LIFO.

Ending Inventory Cost of Goods Sold
LIFO $ $

Requirement 3:
Compute the gross margin for FIFO and LIFO method.

FIFO Gross Margin $
LIFO Gross Margin $

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