Question: Hemming Co. reported the following current-year purchases and sales for its only product. Required Hemming uses a perpetual inventory system. Determine the costs assigned to

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

Required
Hemming uses a perpetual inventory system. Determine the costs assigned to ending inventory and to cost of goods sold using
(a) FIFO
(b) LIFO. Compute the gross margin for each method. (Round amounts to dollars andcents.)

Units Acquired at Cost 200 units @ $10 = $ 2.000 350 units @ $15= 5.250 450 units @ $20# 9.000 Date Activities Units Sold at Retail Jan. 1 Beginning inventory .. .. Jan. 10 Sales Mar. 14 Purchase Mar. IS Sales.. July 30 Purchase. 150 units @ $40 300 units @$40 430 units @ $40 Oct 26 Purchase.. 2,500 $18,750 880 units

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