Hemming Co. reported the following current-year purchases and sales data for its only product: Date Activities Units Acquired at Cost Units sold at Retail Jan. 1 Beginning Inventory 84 units @ $ 8 = $ 672 Jan. 10 Sales 75 units @ $ 40 Mar. 14 Purchase 210 units @ $ 13 = 2,730 Mar. 15 Sales 120 units @ $ 40 July 30 Purchase 336 units @ $ 18 = 6,048 Oct. 5 Sales 252 units @ $ 40 Oct. 26 Purchase 504 units @ $ 23 = 11,592 Totals 1,134 units $ 21,042 447 units ________________________________________ Hemming uses a perpetual inventory system. (Omit the "$" sign in your response.) Requirement 1: Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. Date Cost of Goods Sold Inventory Balance 1/1 $ 672 1/10 $ 600 $ 72 3/14 $ 2802 3/15 $ 1515 $ 1287 7/30 $ 7335 10/5 $ 4041 $ 3294 10/26 $ 14886 Total $ 6156 ________________________________________ Requirement 2: Determine the costs assigned to ending inventory and to cost of goods sold using LIFO. Date Cost of Goods Sold Inventory Balance 1/1 $ 672 1/10 $ 600 $ 72 3/14 $ 2802 3/15 $ 1560 $ 1242 7/30 $ 7290 10/5 $ 4536 $ 2754 10/26 $ 14346 Total $ 6696 ________________________________________ Requirement 3: Compute the gross margin for FIFO and LIFO method. FIFO Gross Margin $ 11724 LIFO Gross Margin $ 11184

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

Date	Activities		Units Acquired at Cost						Units sold at Retail
Jan. 1	Beginning Inventory		84 units	@ $ 8  =	$	672
Jan. 10	Sales								75 units	@ $ 40
Mar. 14	Purchase		210 units	@ $ 13 =		2,730
Mar. 15	Sales								120 units	@ $ 40
July 30	Purchase		336 units	@ $ 18 =		6,048
Oct. 5	Sales								252 units	@ $ 40
Oct. 26	Purchase		504 units	@ $ 23 =		11,592
	Totals		1,134 units		$	21,042			447 units

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Hemming uses a perpetual inventory system. (Omit the "$" sign in your response.)

Requirement 1:

Determine the costs assigned to ending inventory and to cost of goods sold using FIFO.

Date	Cost of Goods Sold		Inventory Balance
1/1			$	672
1/10	$	600	$	72
3/14			$	2802
3/15	$	1515	$	1287
7/30			$	7335
10/5	$	4041	$	3294
10/26			$	14886
Total	$	6156

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Requirement 2:

Determine the costs assigned to ending inventory and to cost of goods sold using LIFO.

Date	Cost of Goods Sold		Inventory Balance
1/1			$	672
1/10	$	600	$	72
3/14			$	2802
3/15	$	1560	$	1242
7/30			$	7290
10/5	$	4536	$	2754
10/26			$	14346
Total	$	6696

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Requirement 3:

Compute the gross margin for FIFO and LIFO method.

FIFO Gross Margin	$	11724
LIFO Gross Margin	$	11184