Required Informetion [The following information applies to the questions displayed below) Hemming Co. reported the...
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Required Informetion [The following information applies to the questions displayed below) Hemming Co. reported the following current year purchases and sales for its only product of 2 Jan. 1 Beginning inventory Jan.10 Salas Mar 14 Purchase 28e units 313.293,696 46e units $18.288,372 ase units $23.2011,136 188 units $28.28 496 units 240 units $43.20 Mar. 15 Sales July e Purchase 4se units $43.2 Oct 26 Purchase fetals $28,231,18 units Requlrec Hemming uses a perpetual inventory system 1. Determine the costs assigned to ending hventory and to cost of goods sold using FIFO 2. Determine the costs ass gnee to ending inventory and to cost of goods so d using LIFO 3. Compute the gross margin for FifO mettod and LfO method
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