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

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Accounting

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 210 units @ $10.40 = $ 2,184
Jan. 10 Sales 170 units @ $40.40
Mar. 14 Purchase 310 units @ $15.40 = 4,774
Mar. 15 Sales 270 units @ $40.40
July 30 Purchase 410 units @ $20.40 = 8,364
Oct. 5 Sales 380 units @ $40.40
Oct. 26 Purchase 110 units @ $25.40 = 2,794
Totals 1,040 units $ 18,116 820 units

Hemming uses a periodic inventory system. (a) Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. (b) Determine the costs assigned to ending inventory and to cost of goods sold using LIFO. (c) Compute the gross margin for each method.

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