Reference no: EM132693602
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 235 units@ $11.40=$2,679
Jan. 10 Sales 170 units@ $41.40
Mar. 14 Purchase 360 units@ $16.40 = 5,904
Mar. 15 Sales 290 units@ $41.40
July 30 Purchase 435 units@ $21.40 = 9,309
Oct. 5 Sales 410 units@ $41.40
Oct. 26 Purchase 135 units@ $26.40 = 3,564
Totals 1,165 units $21,456 870 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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Determine the costs assigned to ending inventory
: Hemming uses a perpetual inventory system. Determine the costs assigned to ending inventory and to cost of goods sold using FIFO
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