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Hemming uses a perpetual inventory system. 1. Determine the costs assigned to ending inventory...

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Accounting

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.

[The following information applies to the questions displayed below.] 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 260 units @ $12.40 = $ 3,224
Jan. 10 Sales 215 units @ $42.40
Mar. 14 Purchase 420 units @ $17.40 = 7,308
Mar. 15 Sales 380 units @ $42.40
July 30 Purchase 460 units @ $22.40 = 10,304
Oct. 5 Sales 425 units @ $42.40
Oct. 26 Purchase 160 units @ $27.40 = 4,384
Totals 1,300 units $ 25,220 1,020 units

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