Question 19 (of 25 19· 10.00 points Hemming Co reported the following current-ye

Question

Question 19 (of 25 19· 10.00 points Hemming Co reported the following current-year purchases and sales for its only product at Retail Jan 1 Jan. 10 Sales Mar. 14 Purchase Mar 15 Sales July 30 Purchase Oct 5 Sales Oct 26 Purchase g inventory 165 units @$1260 =$ 2.079 315 units @$17.60 5,544 465 units @S22.60 10.509 665 units @$27.60= 18.354 155 units $42 60 205 units $42 60 235 units @$42 60 595 units 1,610 units S 36,486 Required: uses a perpetual inventory system. (Round cost per unit to 2 decimal places.) (a) Determine the costs assigned to ending inventory and to cost of goods sold using FIFO (b) Determine the costs assigned to ending inventory and to cost of goods sold using LIFo (c) Compute the gross margin for each method

Explanation / Answer

1) Cost assigned to cost of goods sold and ending inventory under FIFO :

2) Cost assigned to cost of goods sold and ending inventory under LIFO :

3) Gross profit

Ending inventory (665*27.60+350*22.60) 26264 Cost of goods sold (36486-26264) 10222

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