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

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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 Sold at Retail Units Acquired at Cost 270 units @ $12.80 = $ 3,456 220 units @ $42.80 400 units @ $17.80 7,120 Date Activities Jan. 1 Beginning inventory Jan. 10 Sales Mar. 14 Purchase Mar. 15 Sales July 30 Purchase Oct. 5 Sales Oct. 26 Purchase Totals 340 units @ $42.80 470 units @ $22.80 = 10,716 440 units @ $42.80 170 units @ $27.80 = 4,726 1,310 units $26,018 1,000 units Required: 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. a) Periodic FIFO Cost of Goods Sold Cost of Goods Available for Sale Cost per Cost of Goods # of units Available for unit Sale Cost per # of units sold Cost of Goods Sold Ending Inventory # of units Cost in ending Ending inventory per unit Inventory unit Beginning inventory Purchases: March 14 July 30 October 26 Total

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