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

Question

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

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

Date Activities Units Acquired at Cost Units Sold at Retail Jan 1 Beginning Inventory 200 units @ $10= 2,000 Jan 10 Sales 150 units @$40.00 March 14 Purchase 350 units @$15= 5,250 March 15 Sales 300 units @$40.00 July 30 Purchase 450 units @$20= 9,000 Oct 5 Sales 430 units @$40.00 Oct 26 Purchase 100 units @$25= 2,500 Totals 1,100 units = $18,750 880 units

Explanation / Answer

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

Related Questions

Navigate

• Browse (All)
• Browse H
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.