Hemming Co. reported the following current-year purchases and sales f.docx

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Hemming Co. reported the following current-year purchases and sales for its only product. Units Acquired at Cost 290 units @ $13.60 = $ 3,944 Units Sold at Retail 260 units @ $43.60 500 units @ $18.60 = 9,300 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 430 units @ $43.60 490 units @ $23.60 = 11,564 470 units @ $43.60 190 units @ $28.60 = 1,470 units 5,434 $30, 242 1,160 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 Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. Perpetual FIFO: Goods Purchased # of Cost per units unit Cost of Goods Sold Cost Cost of Goods Sold # of units sold Inventory Balance Cost Inventory per Balance unit Date # of units unit $ 3,944.00 January 1 January 10 March 14 290 30 @ @ 3.60 3.60 260 @ 3.60 - $3,536.00 - $408.00 500 @ 18.60 - $ 408.00 SU 500

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