# Compute the gross margin for fifo method and lifo

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Compute the gross margin for FIFO method and LIFO method.
Units Acquired at CostUnits Sold at Reunits@ \$11.40=\$2,679170 unitsunits@ \$16.40=5,904290 unitsunits@ \$21.40=9,309410 unitsunits@ \$26.40=3,564units\$21,456870 unitsng FIFO.Inventory BalanceCost per unit# of units sold# of unitsCost per unitCost per unitCost of Goods SoldInventory Balance
\$14,468.00 ng LIFO.Inventory BalanceCost per unit# of units sold# of unitsCost per unitCost per unitCost of Goods SoldInventory Balance
etail@ \$41.40@ \$41.40@ \$41.40
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.DateActivitiesUJan.1Beginning inventory220Jan.10SalesMar.14Purchase330Mar.15SalesJuly30Purchase420Oct.5SalesOct.26Purchase120Totals1,090Hemming uses a perpetual inventory system.Determine the costs assigned to ending inventory and to cost of goods sold usinPerpetual FIFO:Goods PurchasedCost of Goods SoldDate# of units1-Jan10-JanRequired: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.