Determine the cost assigned to ending inventory and

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3. Determine the cost assigned to ending inventory and to cost of goods sold using FIFO. 4. Determine the cost assigned to ending inventory and to cost of goods sold using LIFO. Explanation
3. Hemming Co. reported the following current-year purchases and sales for its only product. Date Activities Units Acquired at Cost Units Sold at Retail Jan. 1 Beginning inventory 230 unit s @ $11.20 = $ 2,576 Jan. 10 Sales 160 units @ $41.20 Mar.14 Purchase 350 unit s @ $16.20 = 5,670 Mar.15 Sales 320 units @ $41.20 July 30 Purchase 430 unit s @ $21.20 = 9,116 Oct. 5 Sales 400 units @ $41.20 Oct. 26 Purchase 130 unit s @ $26.20 = 3,406 Totals 1,140 unit s $ 20,768 880 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. Explanation
4. Hemming Co. reported the following current-year purchases and sales for its only product. Date Activities Units Acquired at Cost Units Sold at Retail Jan. 1 Beginning inventory 230 unit s @ $11.20 = $ 2,576 Jan. 10 Sales 160 units @ $41.20 Mar.14 Purchase 350 unit s @ $16.20 = 5,670 Mar.15 Sales 320 units @ $41.20 July 30 Purchase 430 unit s @ $21.20 = 9,116 Oct. 5 Sales 400 units @ $41.20 Oct. 26 Purchase 130 unit s @ $26.20 = 3,406 Totals 1,140 unit s $ 20,768 880 units Required: Hemming uses a perpetual inventory system. Assume that ending inventory is made up of 50 units from the March 14 purchase, 80 units from the July 30 purchase, and all 130 units from the October 26
purchase. Using the specific identification method, calculate the following.
5. Martinez Company's ending inventory includes the following items. Product UnitsCost per Unit Market per Unit Helmets 34 $ 56 $ 52 Bats 27 74 80

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