Refer to the information in Exercise and assume the periodic inventory system is used. Determine the costs assigned to ending inventory and to cost of goods sold using

In Exercise Hemming Co. reported the following current-year purchases and sales for its only product.

(a) FIFO
(b) LIFO. Then
(c) Compute the gross margin for each method.

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Activities Units Acquired at Cost 200 units @$10 2,000 350 units @ $15 5,250 450 units @ $209,000 100 units@ $252,500 Date Units Sold at Retall Jan. Beginning inventory Jan. 10 Sales Mar. 14 Purchase Mar. 15 Sales July 30 Purchase Oct. 5 Sales Oct. 26 Purchase 150 units @ $40 300 units @ $40 430 units @ $40 Totals 1.100 units $18,750 880 units