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Compute the gross margin for fifo method and lifo method

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Reference no: EM132228183

Question - 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

300 units @ $14.00 = $4,200

 

Jan. 10

Sales

 

250 units @ $44.00

Mar. 14

Purchase

520 units @ $19.00 = 9,800

 

Mar. 15

Sales

 

460 units @ $44.00

July 30

Purchase

500 units @ $24.00 = 12,000

 

Oct. 5

Sales

 

480 units @ $44.00

Oct. 26

Purchase

200 units @ $29.00 = 5,800

 

Totals

1,520 units  = $31,880

1,190 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.

Reference no: EM132228183

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