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Required information [The following information applies to the questions displayed below. Hemming Co. reported the...

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Accounting

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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 Acquired at Cost 250 units @ $12.00 = $ 3,000 Units Sold at Retail 200 units @ $42.00 400 units @ $17.00 6,800 Date Activities Jan. 1 Beginning inventory Jan. 10 Sales Mar. 14 Purchase Mar.15 Sales July30 Purchase Oct. 5 Sales Oct. 26 Purchase Totals 360 units @ $42.00 450 units @ $22.00 = 9,900 420 units @ $42.00 150 units @ $27.00 = 4,050 1,250 units $23, 750 980 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. Required information July 30 October 5 October 26 $ 0.00 Totals Required information March 15 July 30 October 5 October 26 Totals 0.00

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