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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
460 units @ $44.00
July 30
500 units @ $24.00 = 12,000
Oct. 5
480 units @ $44.00
Oct. 26
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.
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