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Use the following information for the Exercises below. 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 Beta Units Acquired at Cost 220 units $10.00 - $ 2,376 190 units 330 units $15.50 - 5,214 Date Activities Jan. 1 Beginning inventory Jan. 1 Sales Mar. 14 Purchase Mar. 15 Sales July 30 Purchase Oct. 5 Sales Oct. 26 Purchase Totals 280 units $40.00 420 units $20.30- 8.736 300 uniti 1.500,00 $25.00 120 units 1.090 units 3.096 $19,422 36 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 solo (c) Compute the gross margin for each method. a) Periodic FIFO Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory Cost of Goodsofts Cost per # of units Cost per Available for 1 unit unit sold Sale Cost of Goods Sold # of units in ending Inventory Cost per unit Ending Inventory Beginning inventory Purchases March 14 July 30 October 26 Total b) Periodic LIFO Ending inventory Cost of Goods Sold Cost of Goods Available for Sale a) Periodic FIFO Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory of units Cost per cost of Goods unit Available for Sale of units Cost per sold unit Cost of Goods Sold # of units in ending inventory Cost per unit Ending Inventory Beginning inventory Purchases March 14 July 30 October 26 Total b) Periodic LIFO Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory u nits of units Cost of Goods wol units cost per Available for unit Sale Cost per unit Cost of Goods Sold in ending Inventory Ending Inventory Beginning inventory Purchase March 14 b) Periodic LIFO Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory Costner Cost of Goods # of units Cost per Available for unit Sale # of units Cost per sold unit Cost of Goods Sold # of units in ending Inventory Cost per unit Ending Inventory Beginning inventory Purchases March 14 July 30 October 26 Total c) Gross Margin FIFO LIFO

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